Looking at various happenings , covid or otherwise, a fresh look at Nifty and the markets is warranted. As mentioned many times in this forum, all analysis here is based on the Elliot wave count. This  theory is based on the premise that humans behave enmasse in predictable set patterns. So if we put the buying and selling in the markets on graphs, or charts , as per the wave theory, the same patterns on the chart will be repeated again and again. This is valid in all time frames (Or same patterns observed in small and larger time frame charts)

However the wave theory is subjective with different analysts getting different results at times. On the other hand , it does give warning signs of any break out which may be in the offing.

In the present situation, we have a continued bearish signal coming in the indian markets . WITHIN this bearish charts, you will always have pullbacks on the upside. As mentioned earlier in one of my previous posts , the markets this time may not go down in straight line as before but may go down in a racheted manner.

Looking at above it becomes easier to make money in the markets with the use of derivative options. (As the options have a time decay factor inherent to it. So even if you are wrong you have enough time to rectify_More on this later)
Now for the Nifty Analysis

In my last post I had given a net net downward bias with possibility of markets having a pullback. This has come true till now. My analysis remains the same -Major down bias with pullbacks in between.

How deep can be this correction.

This correction may end in around Oct with a correction till 13500-11500  levels. However these are not sacrosanct levels  and one must be flexible .  For the present see the level of 14000 coming during this month only.

Standard Disclaimer – All analysis in this forum is based on elliot wave analysis which is highly subjective (Different analysts get different results ) Therefore you are well advised to consult your certified financial advisor before deploying any money connected with the stock markets.