Nifty opened mild higher at 8350 but traded with negative bias for rest of the day. Nifty declined below 8300 to register day’s low 8287 followed by a bounce of 40 points before closing 14 points down at 8323.
In my last report, I mentioned that 8317-8267 range is possible on downside and strategy was to hold shorts and Sell on rise expecting 8317-8267 as target range. Nifty declined till 8287 without hitting stoploss and bounced back again. Let’s have a fresh look at latest charts for further scenario.
Today I am covering move from 24 June 2016 low 7927 as previous waves are same as I explained in my previous analysis report Elliott Wave Updates and Outlook of Nifty for 08 July 2016