Nifty Monthly Elliot Wave analysis.
Looks like Nifty Primary Elliot Wave is in Wave 4 for Impulse Wave.
Can expect nifty Reversal at 9850 range.
Wave 4 should reverse at 38.2 Fibo retracement.
Wave 5 will be another Big Wave on uptrend.
Nifty Formed Shooting Star Pattern on daily Candlestick Chart today(11-06-2018).
Unable to decisively break resistance 10830.
In case nifty close behind 10780 , then sell with Target 1: 10720 Target2: 10615 with SL 10850 which nifty touched today.
Intraday play on 11-06-2018 , Sell nifty once 10780 breached with target 10720.
S/R Derived from 1 day and 4 hour Charts.
In 4 Hour CandleStick Chart , banknifty tested resistance of 26700 and pulled back.
In 1 Day CandleStick Chart , Banknifty formed Shooting star + Doji Pattern.
This can lead to mild Consolidation for some session.
On Monday(11-06-2018) if Banknifty trades negative for 1-2 hours , then Short with target placed around near term support 26075.
If Trades Positive...
Nifty retraced to 78.1% of recent downtrend from 10929 to 10417 as shown above.
And at 78.1% retracement pulled back and ended lower than that.
In Addition to this Shooting star Formation confirms the Short term Downtrend.
Shooting Start is a bullish reversal pattern formed at a uptrend.
Immediate target placed around 10550 Level.
While resistance is...