Nifty formed today falling wedge pattern after few hours opening. This is also called ending diagonal appearing in wave 5 or C wave.
Wedge broken channel price was thrown under channel made low 15637.
Entire ABC move from 15916 completed near 15637.
Wedge had confirmed upside with 15688 breakout point.
Today it completed A wave of correction going up to 15710...
It seems that after Impulse down we are now in a corrective phase which is unfolding as Zigzag. We have completed Waves A & B so far and Wave B retracement is around 0.618. So now we might be going for Wave C which can extends 100% of Wave A. This gives a logical target around 540-545 levels.
Short Nifty at 15140
Target 14311 : Where C = A & Risk/Reward is 1:6
Target 13721: Where C = 161% of Wave A & Risk/Reward is 1:10+
It's been a spectacular bull run since March 2020 Lows. Expecting some correction or deeper pullback this time.
Nifty trading at resistance or near to Corrective Wave B highs.
I'm shorting nifty, anticipating...
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Bounce retracement towards 14530-50 possible after which should go down.
Confirmation entry on sell side if 14435 breaks (non risky wait for this 14435 break level)then 14400-14300-14270 possible on downside
Stop loss of this analysis 14618
DISCLAIMER:There is no guarantee of profits nor exceptions from losses.
Technical analysis provided on the chart is solely...
Detailed Analysis using Elliot Wave
Nifty from march lows formed Leading diagonal and its abc correction till 8806, fresh 5 step impulse wave was triggered till 11794.
Nifty opened gap down on Friday 04th Aug, Gap was wide and didn't get fill.
It has also broken swing low 11325 so this suggests start of fresh corrective wave.
Nifty to again test 11111 levels...
Nifty is giving a Short Setup at current levels. After giving a 5 way decline nifty moved up in three waves above 61.8% fib in a corrective pattern which indicated that Nifty will go down further. One can Short the Nifty at current levels with Stoploss just above recent high around 8971 with targets of around 8620. Its a Nice Risk Rewards trade..
GodrejInd is giving a Short Setup.. Stock gave a 5 wave decline from 542 to levels to 387 levels in Wave A and has since retraced backed to 78.6% fib. One can go short on the stock at current levels with stoploss just above 453 and Targets of around 380 and 350 wave Wave C. Details are on the chart.
CrompGreav is giving a Short Setup breaking the trendline would take the stock lower toward the first target of 70 and probably further lowers toward 50% and 61.8% retracement levels. Details are giving on the chart. Stoploss should be just above the 89 level and can be trailed for the trade.