Nifty: Reversal on Cards?

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Nifty Daily Chart


In my earlier update Nifty, I had mentioned that Nifty will continue the downtrend till 11400. However, this seems to now fade away as the index re-entered the falling red channel as shown in the chart.

When prices re-enter the channel or a trend line, it possibly makes the bears short squeeze their position which results in a rally, taking prices higher. The index is also trading in a support zone of the exit poll gap (shown by two horizontal lines). As far as prices remain above 11450 levels it is possible that it can reverse the direction and move higher.

As per Elliott Wave theory, prices might have completed wave c down at 11461 levels and has already started another leg up. This leg can go up till 11700-1800 levels. For this level to remain intact it is imperative that prices should not break 11450 (closing basis).

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