Nifty pullback should continue to find buyers [Video]
|Short term Elliott Wave view in Nifty suggests rally from 1.24.2024 low is in progress as a diagonal. Up from 1.24.2024 low, wave (i) ended at 22297.5 and pullback in wave (ii) ended at 21860.55. The Index then rallied higher in wave (iii) towards 22463.65 and dips in wave (iv) ended at 2224.35. Final leg wave (v) ended at 22526.6 which completed wave ((i)). Pullback in wave ((ii)) unfolded as a double zigzag Elliott Wave structure. Down from wave ((i)), wave (w) ended at 21905.65 and wave (x) ended at 22204.6. Wave (y) lower ended at 21710.54 which completed wave ((ii)) in higher degree.
The Index has turned higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 22080.95 and pullback in wave (ii) ended at 21883.3. Rally in wave (iii) ended at 22529.95 and pullback in wave (iv) ended at 22388.15. Expect the Index to extend higher in wave (v) to complete wave ((iii)). Afterwards, it should pullback in wave ((iv)) before turning higher again in wave ((v)). Near term, as far as pivot at 21710.54 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
Nifty 45 minutes Elliott Wave chart
Nifty Elliott Wave [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.