Nifty Elliott Wave Analysis

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 Nifty daily chart

Nifty hourly chart


In the daily chart, the index persists in the rising channel formation and it currently hovering near the support of the channel. From this particular juncture it is imperative for prices to reverse which can surpass its previous highs, thus crossing cluster of resistances. However, if prices breach the rising channel, the index will slump and there will be change in trend from positive to negative. Daily RSI has relieved from overbought zone.

As shown in hourly chart, there is no discontinuation of higher highs and higher lows which gives an indication that the trend is still positive. Only and only a move below 10790 (arrow marked) will change the trend. Before changing the trend there is another support level of 11300 which if broken will infuse selling pressure. RSI is changing its direction after testing the oversold terrain.

As per Wave theory, the index is moving in wave c in which it competed wave i, wave ii, wave iii and currently it is moving in wave iv. The index formed a flat pattern where in wave c of wave iv it is an expanding diagonal which is completed and now it will resume uptrend in form of wave v where wave c will be over.

The summation is series of events are lined up from presidential elections in US to domestic elections in India, volatility is likely to stay in coming week. It is important to say cautiously positive for the index with strict stop loss as the index is likely to climb till 12100-12130 levels as mentioned earlier.

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