nifty had closed at 11456.90, currently nifty is in wave c of irregular expanded Flat ABC correction inside wave 4, the support level (pivot point) at 11326.23 proves to be a perfect area of value where the wave c could end. For intraday, on Monday NIFTY will break the low of wave A , which is 11420 Aprox. so the Monday intraday target would 11420.however nifty will continue on a down move until wave c is completed which is likely to be at 11326.23 support level. after that a new up wave 5 or corrective x wave if complex correction follows might begin.
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New upwave has begin, as expected.
lot of people are speculating about a significant downfall in nifty. well, according to elliott wave theory we are in wave 4 entire wave 5 is about to form, which will throw prices up 11750- 11800 level, DO NOT SHORT NIFTY now if you want to capture a bigger move. as up move is still pending and your stop loss will be triggered. my view is extremely short term with a possible target of 11326. from there on it is expected to move up.