November 7, 2017

Elliott Wave Outlook of Nifty for 07 Nov 2017 Onward

Nifty opened lower at 10431, registered low 10413 and bounced back by more than 70 points to register new all time high 10490 but failed to sustain at higher levels and declined back below 10430. Nifty finally closed flat at 10450.

Yesterday, I mentioned that outlook of Nifty is positive as there is no sign of reversal but there are cautions for small or big decline from 10490-10530 range. I suggested to book maximum profit of longs in 10461-10481 range. I also suggested to buy Nov 10600 Put if get Nifty in 10490-10530 range with stoploss of 10533.

Correction happened exactly from 10490 and 10600 Nov put bounced from 144 to 180+ and closed at 178. Let’s have a fresh look at latest charts for further scenario.


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