August 1, 2016

Nifty Likely to Decline by 250-400 Points Without Breaking much above 8783

Nifty Likely to Decline by 250-400 Points Without Breaking much above 8783

 | July 31, 2016
Nifty opened flat at 8668 and then traded in 40 points range between 8670-8631 for rest of the day before closing 27 points down at 8638. Overall it was a dull day with negative bias.

Friday, I didn’t suggest any trade as upside was very limited and for downside also only 25-40 points was expected. I just suggested to book profit in longs. Buying was suggested after decline in 8630-8603 range with 8599 as stoploss and Nifty didn’t achieve buying range. Nifty gave 25-40 points decline as expected. Let’s have a fresh look at latest charts now.

Today I am covering move from 29 Feb 2016 low 6825 and previous waves counts are explained in my all time frames report Elliott Wave Counts of Nifty for All Time Frames as on 18 July 2016.

Read more at http://sweeglu.com/nifty-likely-to-decline-by-250-400-points-without-breaking-much-above-8783/

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