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Nifty Analysis for 15/04/2024

This week Nifty posted a new all-time high of 22775. But on Friday there was major correction and Nifty closed below 2 green lines of channel. Also, it closed very close to short term sell turning price as per our share analysis software. So, if Nifty closes below 22512 on Monday we will get short term sell signal.

I have changed my Elliott Wave counting and now all-time high of 22775 may be end of 3 of 3 of 1 of 5 and current wave may be downward correction wave 4 of 3 of 1 of 5 but not sure. In next week picture will be clear. It seems that Nifty may go down in next week.

Previous 'M' pattern failed to take Nifty down but this time a more powerful 'M' pattern has occurred. This also confirms the start of downward correction wave 4 of 3 of 1 of 5. Let us observe in next week. Till that stay connected.

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Nitin Shripad Joshi

Vedant Margdarshak



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