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NSE NIFTY – Elliott Wave Count

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Free nse nifty chart calls

Free nse nifty chart calls

Timeframe: Daily
NIFTY chart reveals a corrective Elliott Wave structure in play, specifically a W-X-Y complex correction. The price initially formed a classic A-B-C correction completing Wave (W) near 23,263, followed by a counter-trend rally to 24,226, marking Wave X. A second corrective leg unfolded as an A-B-C-D-E triangle, with Wave (Y) ending at 21,743.65.

From a moving average perspective, the 100 EMA (black line) and 200 EMA (red line) are currently acting as resistance levels. Price is testing the 100 EMA, with the 200 EMA slightly above around the 24,000 zone. If price breaks out wave (D) at 23869, traders can trade for the following targets: 24400 – 25050 – 25505+. Two gaps can be retracements if the price fails to sustain above wave D.

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