December 17, 2017

Elliott Wave Outlook of Nifty for Gujarat Election Result Day

Nifty opened huge gap up at 10345 and bounced further to register day’s high 10373 but failed to sustain at higher levels and declined back by more than 50 points to register day’s low 10319 and finally closed 81 points up at 10333.

Yesterday, overall outlook was bullish for 10329-10490 as upside target range and 10224 was breakeven point on downside. I suggested holding 10000 Dec Call bought in 10140-10150 range on Thursday using fresh stoploss of 10224 to book profit on Friday. Nifty bounced more than 120 points to register high 10373 and 10000 Dec call bounced from 260 to 424 (160 points) in 2 sessions and closed at 390, it is profit of about 150 point with risk of 20-25 points in 02 sessions. Now, let’s have a fresh look at latest chart for further scenario.


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