Nifty — Short-Term Update. Broadly following forecast

As on Mon, 11 May 2026
CMP : 23,940
Posted at 1:20 pm

Bottom line: Structure remains broadly in line with the prior forecast. Price continues to move sideways to higher within a larger wave D type structure.

The main difference between the two counts is whether Nifty first dips toward the 23,100 ~ 23,400 region before attempting another rally phase.

At present, there is no strong preference between the two counts.

Count 1

The current consolidation is viewed as part of a corrective recovery which may still require another decline before completion.

Under this interpretation, Nifty could head lower toward roughly 23,100 ~ 23,400 before the larger structure completes.

A sustained rally above 24,601 prior to such a decline would weaken this interpretation and automatically shift preference toward Count 2.

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Count 2

This count treats the recent sideways movement as a developing consolidation within an ongoing upward structure.

In this scenario, the recent weakness remains corrective in nature, with the market eventually attempting another push higher after the current consolidation phase is complete.

As long as the broader structure above the April low remains intact, both paths continue to remain technically valid.