Nifty and Elliott Wave Analysis

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 Nifty daily chart


Nifty 2 hour chart


Nifty OI for 25th May 2023


Analysis

From above daily chart, prices which were moving precisely above the red trend line has broken it and closed below it from past three trading sessions thereby opening negative possibilities. The index made a low of 18,060 levels close to my mentioned level of 18,000 which was the mean and closed above 18200 levels. With negative divergence continues to form it is least likely that Nifty will close above 18300 at least till couple of months from here.

As seen in the 2 hour chart, the index has discontinued the higher highs and higher lows and below the short term moving averages on a smaller time frame. The moving averages has also given a bearish crossover which indicates that the health of the index is ill.

There is CE and PE sellers positioned at 18200 levels but most of the CE sellers are at 18300, 18400 levels. This data suggests that the index can dip going ahead towards 18000 and then till 17600 levels.

From Waves perspective, prices are moving in an impulse fashion after completing wave a and wave b. The current down move will be wave c where it has completed wave i and currently it is moving in wave ii which can terminate close to 18300 levels and then will open wave iii which can falter towards 18000 followed by 17600 levels.

The summation is Nifty has a crucial resistance placed at 18300 levels and has the potential to reverse from there towards 18000 followed by 17600 levels over short term.


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