March 16, 2018

Outlook and Trading Strategy of Nifty for 16 Mar 2018 Onward

Nifty opened almost flat at 10405 and bounced further to register day’s high 10420 but failed to sustain at higher levels and decline by more than 70 points to register day’s low 10346 and finally closed 50 points down at 10360.

Yesterday, I expected an Ending Diagonal Triangle in progress and 10440 was the point from where we can get clue of next move, but a decline below 10141 or bounce above 10631 was expected soon. 10389 was immediate breakeven point below which further decline towards 10336-10223 was expected.

Short term trading strategy was Selling on Rise with stoploss whenever getting opportunity. And I suggested holding hedge trade taken on Monday/Tuesday by buying 10600 Call and 10300 Put in equal quantity till further update. Let’s have a fresh look at latest charts for further scenario.

This analysis report is covering bounce from low 6825 and earlier wave counts are explained in my last “All time Frame” report Elliott Wave Analysis Update of Nifty on All Time Frames as on 22 Jan 2018


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