Nifty again opened gap up at 8260 and traded with positive bias rest of the day. Nifty bounced more than 100 points from previous close to register day’s high 8308 before closing 8287.
Yesterday, stoploss for existing/positional longs (taken after break above 8111 with stoploss 8093) and breakout point was 8146 expecting minimum upside levels 8249-8294. Further I mentioned that Nifty needs to open good gap up and stay above 8249 for further upside (to gain the personality of wave 3), so we need to see how Nifty behaves in 8249-8294. Nifty opened above 8249, achieved 8294 and stayed above 8249 for the day. So, let’s have fresh look at further wave counts.