Nifty Neo Wave Analysis: Key levels to watch
Apr 17, 2026
Elliott Wave or NeoWave analysis is often referred to as the GPS of the market — because it helps identify the exact path of price movement from one point to another. Over the years, it has proven to be one of the most powerful and reliable market forecasting systems, applicable across stocks, commodities, indices, and even on shorter timeframes.
In this research update, we apply NeoWave principles to the Nifty Daily & Hourly chart, demonstrating how traders can use wave structure to plan high-probability trades.
Nifty Daily Chart as on 17-04-2026
Nifty Hourly chart as on 17-04-2026
The chart above shows the recent internal structure of Nifty:
As per wave perspective, the fall which begun in February 2026 from 26000 mark ended near 22600 in the form of double corrective pattern. In which, wave g got completed on 06th April 2026 in the form of a Diametric pattern near 22600. After wave g, the market is showing a sharp rise with gaps in almost each session probably in form of Zig zag pattern:
Wave a got completed on the upside near the channel resistance. Post which, the retracement was in the form of wave b.
Now, wave c is currently unfolding on the upside. It can take prices to 24800 or higher
Expected Price Scenario
- Below 23970 can result into short term pressure
- Above 24400 = continuation of Wave c uptrend
- Wave c targets: 24800
Applying the Two-Stage Confirmation Technique, we can clearly observe that the last falling segment of wave g has now been retraced in faster time. This retracement is a critical signal as per NeoWave guidelines.
This faster retracement confirms a valid breakout, proving that wave g has completed on the downside, and the market has already entered the next upward thrust. Such time-based confirmation adds strong credibility to the bullish continuation setup.
In summary, combining Elliott Wave and NeoWave with confirmation techniques allows traders to create precise strategies suitable for scalping, intraday trading, positional trading, or stock selection.
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