Elliott Wave & Technical Analysis for Nifty

Observations in Last Week's Post were- 

Charts present quite a Bearish Probability which if comes true may surprise on the Downside. 

As of now we are in Short Term Down Trend with 'Sell on Rise' kind of Market till closes above 6000 level. 

The Downtrend may mature below 5850 close.

Now further -



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Technical signals of weakening of Chart Structure in Higher time frame is visible as in the charts above.

If bounces in near term may resist in 5760-5830 zone and some support in 5585-5600 zone. Sustainable bounce above close of 5850 only, till then its Sell on Rise Market.

Close below 5600 may be further Bearish.

5450 apprx (+-30) may be a likely Support from where some meaningful bounce/consolidation may take place.

( EW probability is quite bearish for further downside target which we discuss later if the above target is reached ).

Down Trend is Strong. Bounces have been feeble last week and weakness has shifted to Higher time frames. Follow the Trend while it lasts to maximize Profits.