Nifty opened gap up at 7699 but declined sharply after hitting high of 7703 and traded with weakness for rest of the day to decline more than 120 points from day high. Finally Nifty closed 72 points down at 7610 after registering day’s low of 7575.
In Friday’s analysis report Elliott Wave Analysis Report of Nifty for 11 Dec 2015, I mentioned that the personality of bounce from 7606 is not suggesting any big reversal. And advised to book profit in longs at higher levels and if Nifty even touches 7651 again can be sold expecting targets below 7606. Nifty declined sharply below 7606 after touching 7651. Let’s have a latest look on charts.
Today’s I am showing wave counts from Oct 2015 high 8336 as previous counts are same as I explained in my previous report Elliott Wave Outlook of Nifty for Dec 2015 Series.
Read more at http://sweeglu.com/elliott-wave-outlook-of-nifty-for-the-week-starting-14-dec-2015/