January 16, 2017

Fresh Elliott Wave Counts and Outlook of Nifty for 16 Jan 2017

Nifty opened gap up on Friday at 8457 but failed to sustain at higher levels and declined sharply after opening. Nifty declined more than 80 points from day’s high 8461 to register day’s low 8373 before closing 6 points down at 8400.

Friday, 8344 was breakeven points and minimum 8454-8499 range was expected on upside. And Intraday shorts were suggested if “Nifty achieves 8454” and “trades below opening price at 9:31 AM” using stoploss day’s high (made till 9:31 AM) expecting minimum downward target 8380-8344 and hold for next day only if Nifty breaks below 8344. Nifty achieved 8454 at opening and was trading below opening price at 9:31 AM and then achieved intraday target 8380, trade closed Intraday because 8344 was not broken. Let’s have a fresh look at latest charts for further scenario.

Today I am covering bounce from 26 Dec 2016 low 7893 and earlier wave counts are explained in my previous analysis report Elliott Wave Outlook of Nifty for 11 Jan 2017 Onward.

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