Nifty opened mild gap up today at 7837 and bounced sharply above 7880 followed by range bound consolidation between 7866-7897 before closing 52 points up at 7883.
Yesterday I expected Nifty to give a short term bounce and also suggested to buy Nifty if break above 7843 using 7822 as stoploss expecting intraday targets 7880-7915. Nifty broke above 7843 just after opening and also achieved our target range 7880-7915 without breaking below 7822. Let’s have a look at latest charts now.
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. The chart given below is same as I explained in yesterday’s report as there is no change in it.