Based on Elliot wave Nifty will Test 6500(5thwave)

Elliot Wave in weekly Chart

The Bull Trend Remain in Nifty Weekly Chart based on Elliot wave principle.

Bull Trend of the intermediate cycle.

4675 to 5400 - 1st Impulse Wave

5400 to 4786– 2nd Corrective Wave

4786 to 6339- 3rd Impulse Wave

6339 to 5690- 4th Corrective Wave

5690 to ??????- 5th Impulse Wave

5th Wave will End @ 6500

The market seems trading in the 1-2-3-4-5 structure and presently is at the “2” & "4" waves are correction

Nifty is expected to Reach 6500(5th wave) with immediate support at 5800 (Trend line Support) and break below the same may push rates lower towards the support pegged at 5700 & 5500

Recommendation of this Dec Expiry

Buy Dec futures @ 5980 to 6025 Stop @5875 Tgt 6180 & 6230 & 6330

Follow up for nifty PUT option Writer Intraday

Risky Lovers Hold the Target Intraday players book profit

Sell Dec 6200 PE@185 to 188 stop@210 Tgt 150 &125 StrictStoploss(cmp 187)

current cmp 159 made low 156

Sell Dec 6100 PE@125 to129 stop@140 Tgt 100 & 80 StrictStoploss(cmp 127)

current cmp 105 made low 102

Intraday calls for Put Writers players

Sell Dec 6200 PE@185 to 188 stop@210 Tgt 150 &125 StrictStoploss(cmp 187)

Sell Dec 6100 PE@125 to129 stop@140 Tgt 100 & 80 StrictStoploss(cmp 127)