Nifty opened gap up on Friday at 8246 and further bounced till 8262 but failed to sustain at higher levels and started falling gradually for rest of the day to register day’s low 8210 before closing just 1 point up at 8220.
For Friday, I suggested to keep initial stoploss for longs at 8197 and further keep changing stoploss at 38% retracement of whole bounce started from 8154 if Nifty moves above 8229. And further, breaking below 38% retracement of whole move from 8154 can take Nifty near 8160 again. Nifty first bounced till 8262 and 38% retracement of whole move from 8154 to last high 8262 was placed at 8220 which triggered and possibility for decline till 8160 opened. Let’s have a fresh look at latest charts now.
Today I am showing move only after 24 May 2016 low 7715 as previous waves are not completely clear and possibilities I have explained in my previous analysis report Elliott Wave Analysis Report of Nifty for 26 May 2016.