Nifty opened huge gap up today at 7788 and declined marginally till 7765 but traded with huge strength for rest of the day to register day’s high of 7854 before closing 110 points up at 7842.
I suggested in yesterday’s report to exit any shorts if Nifty break above 7776 and wait for corrective decline to enter longs and we can expect upside targets of 7860-7930. Nifty opened above 7776 at 7788, gave a corrective decline till 7765 and bounced till 7854 almost achieving minimum target of 7860. Let’s have a fresh look on latest charts.
Today I am showing Elliott wave counts only after 16 Nov low 7714 as previous counts are same as I explained in my yesterday’s report Nifty EW Analysis for 19 Nov 2015 – Perfect Example of 3-3-5 Flat Correction.