This Elliott Wave Analysis report is further update on my previous analysis report Nifty can Bounce above 8032 without breaking below 7730 – EW Analysis on 15 May 2016 where I expected a bounce from 7783-7757 range for 8032 and Nifty already bounce 100 points from that range. I have updated the further possibilities and stoploss and outlook in this report. Please manage you trades accordingly as patterns are changing frequently and there will be no further updates on my blog for this week.
Nifty opened mild gap up at 7831 but declined sharply from 7845 to 7800 within 10 minutes after opening followed by consolidation between 7800-7772 range till 2 PM. Then Nifty bounced again by 100 points from low to register day’s high 7872 before closing 45 points up at 7860.
In Yesterday’s report, I suggested Buy on Dips for Nifty with stoploss of 7730 expecting positional targets above 8032, also suggested buy 7900 May cal on Dips. Nifty bounced from 7772 to 7872 and 7900 cal is almost double from today’s low. Now, let’s analyze fresh charts for further outlook of Nifty.