SPX5000
Long

Possible Elliot Wave Analysis - Nifty

NSE:NIFTY   Nifty 50 Index
Nifty bottomed out at 10,034 before moving up with great momentum. As per my analysis Nifty has resumed the uptrend towards a new ATH which could take Nifty towards 10,980 and then towards 11,300. Nifty is trading in wave 3 of the new impulse wave which started at 10,034 so keep adding to your long positions on all dips. The stop loss for all long trades should be 10,128 which can be pushed higher as market goes up. The intermediate buying level is around 10,234 as the dips after the wave 3 could stop around 10,234 before resuming the uptrend.

Please note that these are views based on the my limited capabilities as an EW analyst and there are multiple ways to analyse the markets . Kindly do your own analysis or check with your financial analysts before taking any decisions.

Good Luck Traders !!!

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