Nifty Elliott Wave: Rally after a three-wave pullback into support zone

In this technical block we’re going to take a quick look at the Elliott Wave charts of NIFTY Index published in members area of the website.

Recently, NIFTY formed a 3-wave pullback after a 5-wave rally, a textbook example of an Elliott Wave bullish sequence. Price completed a clear 3-wave move down from the peak and found support at the Equal Legs zone (buying area).

In the following analysis, we explain the Elliott Wave pattern and the market outlook.

NIFTY Elliott Wave one-hour chart 06.23.2026

NIFTY is forming an intraday 3-wave pullback from recent highs. We identified this pullback as an Elliott Wave Zig Zag pattern. As our members know , the buying zone is derived by measuring the Equal Legs area using the Fibonacci extension tool. The ideal support area comes in at 23876.66–23695.88. At that zone, we expect buyers to step in and take control, pushing price higher toward new highs.

NIFTY Elliott Wave one-hour chart 06.23.2026

NIFTY index has found buyers at the Equal Legs zone, just as expected. We saw a decent reaction from that area, and price rallied toward new highs as anticipated. As a result, long positions taken from the Equal Legs zone are now risk-free. We expect the index to continue finding buyers in a 3-7-11 swing structure, as long as the pivot low at 2307.12 holds.

Important note: Our analysis is not based on Elliott Wave in isolation. We perform detailed higher-time-frame cycle analysis, which shows an incomplete market structure. This is one of the key drivers of price action, along with correlation analysis and broader market context.