Nifty Elliott Wave Analysis

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 Nifty daily chart


Nifty hourly chart


In my previous update, I was sure that 11520 will be the resistance but it surpassed thus negating my view of 11200 a lower level.

In the daily chart, the index continues to move in stealth uptrend by crossing its previous day high and making a new one. Last week market made a new high of 11693 and closed near the high of the week at 11655. As of now prices continue to trade above rising trend line and there is no discontinuation of higher highs and higher lows which makes this index firmly positive. However, RSI continues to give whipsaws near the overbought zone.

As shown in hourly chart, last week there was no correction in the index and as such there is a high possibility for a correction to come, this correction can be sideways to negative but it is unlikely to breach 11450 levels. RSI is near 70 from where overbought zone starts.

As per Wave theory, after completing wave b at 11114 prices have started wave c in which it has completed wave i and is in process to complete wave iii. Here there are two possibilities either wave iii is over at 11620 and wave iv is in irregular flat pattern followed by wave v which can move higher from current levels, second alternative is either wave iii is extended and wave iv will start lower followed by wave v up.

The summation is Nifty is positively poised but a slight correction cannot be ruled out which can retrace till 11500 followed by wave v higher which can cross 11700 and mark 11750-11790 levels. Also if the level of 11450 is broken then an important top is in place.

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