In four hour chart Nifty is looking still negative but in this 30min chart there is a confusion in wave count.
Bounce from 11616-12247 is looks like an impulsive wave so that 12097-11855 can be support range(IF WE FOUND CORRECTIVE DECLINE) AND If decline in this range will be found impulsive then we can see new low below 11616 once again.
(ONLY FOR THOSE WHO CAN...
11724-11780 is an immediate resistance range and overall looking at the pattern of decline our trading strategy must be selling on rise.
If nifty decline straight away from this level then retracement range will be changed according to decline.
It seems Bigger wave C started from 12428 and in wave C wave (1) and (2) is completed at 12088 and 12272 respectively and wave (3) of C is started from 12272.
As of now speed of wave (3) is not as per its personality but may be its because of Budget event.
In wave (3) wave (i) and (ii) is also completed at 12095 and 12169 respectively and from 12169 wave (iii) of...
If breaks low 12024 in 15 minutes of opening then it can decline towards 11931-11851 range.
If Nifty opens gap up then resistance range is 12137-12163, and positive only if trades above 12163 for 15 minutes.
Buying is not suggested.
Now as per my post for (7th nov 2019) there is a indication of bigger decline in nifty as wave C of wave (4) as shown in chart.
First of all 11930 and 11803 are the starting points of extended waves v and 5, and hence are immediate targets for nifty on down side.
one can also check my recent posts which is includes monthly and daily chart analysis for nifty.
In this Daily chart we witnessed multiple Irregular corrections which is very bullish sign for the nifty.
so overall nifty outlook is positive, but it looks like wave (4) will again turns in to irregular and nifty may decline towards 10637 in that case.
Pattern shown by bigger rectangle is difficult to identify but it looks like Ending Diagonal.
In daily chart wave (v) started from 6825 is may be completed at 12103 and wave (4) is completed at 10637(But not even retraced 23%) OR still in progress.
In monthly chart wave (v) of (3) is already achieved more than 100% projection and we need to see wave (v) in daily chart for further clarity. declined from 12103 not even achieved 23% retracement.
Most probably wave (A) of 4 is completed at 10637 and from 10637 may be complex wave B is running. After completion of wave B decline of 1500-1800 points is possible as wave C of 4. If nifty trades above 12146 then we should think of another possibility.
Nifty achieved its minimum projection of wave (v) which is 10722. And maximum projection of wave (v) is coming at 10440. so wave (v) of could be completed in 10722-10440 range which is big so lets concentrate on decline from 11181 in lower time frame chart.
Most probably wave (iv) is completed at 11181 and from 11181-10902 wave 1 of (v) is completed and wave 2 of (v) is in progress and may complete in 11000-11142 range and from there nifty can decline again towards 10902-10836-10782 levels.
Most probably Nifty completed wave (iii) of at 10849 and 11051-11176 is the resistance range. wave (iv) may be completed at 11080 or it may complete in 11051-11176 range. And from there Nifty may decline 430-690 points as wave (v). If nifty breaks 11176 comfortably with sharp bounce then its different wave count.
Nifty breaks 10985 level so now its clear that 10004-12103 move is ABC and from 12103 wave C of irregular correction is started. And in wave C wave (iii) of is completed at 10881 or still running. For wave C 100% and 123% projections are coming at 10347 and 9933 level respectively.
resistance range in daily chart is coming at 11075-11196.