December 15, 2017

Elliott Wave Analysis of Nifty near Gujarat Election Result

Nifty opened bit higher at 10229 but declined sharply just after opening to register day’s low 10141. Later, Nifty found support in 10150-10140 range and bounced more than 130 points from low to register day’s high 10276 before closing 59 points up at 10252.

Yesterday, overall outlook was bullish without any major weakness and 10140-10150 was suggested as good support range because two important retracements and projections were conceding in this range.

Further I suggested buying 10000 Dec Call (in the money) in 10140-10150 range using stoploss of 10119 to hold till Friday. Nifty bounce by more than 130 points from 10140 and 10000 Dec call bounced from 260 to 351 (90 points) and closed at 341. Now, let’s have a fresh look at latest chart for further scenario.


No comments:

Post a Comment