31 May 2016: Nifty Elliott wave analysis: We can expect a time correction but short trend is still up with a possible resistance in the zone of 8240-8270.

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For 31 May 2016: -

On 30 May 2016: FII Net Bought – INR 355.54 Crs:  DII Net Sold – INR – 211.09 Crs

I repeat, as long as Nifty is above 8000 the short term trend is up and strongly up with some resistance at 8240. We may get meantime correction of 100-150 points due to sharp rise. A technical trader may try to exploit this price correction which can be the result of time correction but this may not be so interesting. If this correction breaks 8000 then we may point to collect strong short on index but that’s not the case so far.

For today’s trading session we can expect the market to open flat. So far, the week is dull. Do not trade dull index. Even for today I have same expectation. Market may remain dull with trading resistance at top near 8200 levels. I may opt trading short if I get opportunity but that’s only for intraday. Strong support is at 8100-8080 for trading.

Do not misinterpret. I gave a long term trend as down from more than a year back. Nifty hit 9119 and then I issued for a long term top. Nifty hits a low at 6825 on Budget day this year. After such down side, wave theory had suggested for comparable recovery with three big possibilities for retrenchments, first to come at 50% at 8000, 61.80% at 8250 and 76.40% at 8575.

101%, I retain my view for long term trend down but that does not says that we cannot interprets for short to medium term of recovery. This recovery was bound to come and it is coming to make a wave [B]. Now, just imagine the magnitude of wave [C]. Higher the retrenchment, bigger fall will hit in future. If this wave [B] tries to end up near 9000 then 9119 may not be visible for many years. So, where is my long term target on Nifty? Well, it is in the zone of 6000-5500.

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Strategy for Nifty June future – I have not trade so far for the week and I am on wait and watch mode. This market may generate 200 points Up or down moves. Let us see how it behave at top. I am expecting levels of 8240 or 8270 as a top before correction.

BANK NIFTY – This is index is disappointing at top. Well, as long as it is above 17500 we may see up but this is definitely tired. In any correction on index, this index will fall more. This may be my first choice for shorting if I opt shorting today with resistance at 17700. Do not think to buy at all. Let it fall first to trade short. 

30 May 2016: Nifty Elliott wave analysis: Reverse H&S pattern has target 9000 levels. Long trades are strongly applicable as long as 8000 holds. Perfect SET UP for long.

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For 30 May 2016: -

On 27 May 2016: FII Net Bought – INR 479.89 Crs:  DII Net Bought – INR – 69.34 Crs

Last week was decisive one. Nifty has crossed 8000 marks in its own fashion. It gave a reverse H&S Breakout which I had written on Friday too. Logically, this H&S pattern is showing the target of 9000 levels of Nifty. It just has a wave meaning that we are going to a corrective up trend against the down wave “A”.

Meantime I called off my anticipation for possibility of top. I am firm that newer top will not come but it does not mean that market cannot gain near to that. My objective to call off the short deals is that we have a possibility of 10% rally on this break out. I am not short and now I have no intention of shorting easily.

For today’s trading session we can expect the market to open higher. One can wait for some pullback of these three days of big move then plan to add long. Do not short on the anticipation of correction. Short term trend is up and firmly up. Now above 8000, it can trap bears. I do not see the 8000 levels breaking sooner but I will wait for a price correction to buy.

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Strategy for Nifty June future – I tried a small short deal on Friday but booked. Now, I will wait for a small price correction to buy. It is looking to open above 8200 levels which are just fit for long trades only.  Fine, I am not going to participate in rally as of now. I want to see a pullback and then I will add long. As long as 8000 holds on Nifty June future this market is buy in dip. Remember, as long as it is above 8000.

BANK NIFTY – It again goes as expected and remains firm. It has closed above 17500 levels. Above 17500, we can expect levels of 18000 which should come by first half of this week. Any pullback towards 17200 levels will provide the opportunity to long only. I do not think it has break 16800 any sooner now. It remains up and it can hit 19000 levels also by June month.  

27 May 2016: Nifty Elliott wave analysis: Formation for break above n-line of reverse H&S. Can it extend further?

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For 27 May 2016: -

On 26 May 2016: FII Net Bought – INR 581.29 Crs:  DII Net Bought – INR – 685.37 Crs

This is definitely not against my expectation after seeing Wednesday rise. Well, for whole month I was anticipating the move which was supposed to be opposite of reality. For the same reason I do not used to trade near expiry. So what shall be taken up for new series?

Big question is – Is this set up for 8800-9000 Nifty as shown by reverse H&S pattern of chart or is this trap of year? Hmm, I have a very strong doubt for any extension of rally but 101% I do not want to be short. I may sit side-line to decide. I am taking my call of long term top yet when though Nifty is on the highest point of the year. I was expecting a top near 8000 but things has chanced yesterday.

For today’s session, Nifty may open flat to high. Nifty may give an attempt towards 8100+ levels. I do not have any view for top yet as there is no topping pattern. In fact is reverse, it is looking bullish to more bullish. If I have to trade then I have to be very cautions. It is not the market where I can have good confidence for trade intraday.  

Let me clear what weekly charts are saying. A full 1500 points of fall is possible from 7500 levels. I have no idea if it gives 100% result what it is showing on theory but the target lies near 6000. Sorry, if words hurts you but this is what I feel. I do not see Nifty going at 8000 anymore in easier way.

It looks like H&S pattern is taking its effect. Well, if H&S pattern goes on its true mode then 7200-7100 is the possibility. Meantime Nifty is over sold for short term and intraday chart. This says that market may ignore MACD positive divergence and sooner or later it will hit 7200-7100 levels. After that 6500 will be the figure which people will talk about.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty June future – I booked my loss on Wednesday and happy that I have not expended that further. It looks so minimal now. I was anticipating this kind of move to the end of this expiry although I was able to notice just on Wednesday. I should see this a day ahead. Now, 8130-8150 may be on hunt. I am not on trade yet. Technical support stands at 8050 levels.

BANK NIFTY – It goes as expected to hit 17350 levels. Can this extend further? Now, as long as it can stand above 17200 levels we can expect levels of 17770-18000 marks. Today is going to be more decisive day to trade. If a top has to form then third day of rally used to have a key. Most top used to come on third day. 

26 May 2016: Nifty Elliott wave analysis: Expiry can end with BULL’S TRAP target of 8000-8050. I do not trade expiry day.

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For 26 May 2016: -

On 25 May 2016: FII Net Bought – INR 495.08 Crs:  DII Net Bought – INR – 337.20 Crs

Its unexpected gain for me but this kind of odd moves used to come on derivative expiry day. If you look on chart then one can come to know that market has hardly done anything great in past one month. If market has to test 8000 levels then today is the best day to deal with.

I do not used to trade expiry day. My anticipation is – A TRAP way can set up to eat all short with a high around 8000-8050 levels. DO not short till expiry. Let it go.

For today’s session, Nifty may open flat to high. Nifty get a support at 50 DMA with hide and seek game. As it’s up after a gap up so it was tougher to deal. I expect the gain to continue towards 7992 or some higher levels. I am anticipating a TRAP wave to come for bulls. do not remains long after closing minutes on index.

I hope it gave you the value of following paragraph which remains the part of my daily analysis.

Let me clear what weekly charts are saying. A full 1500 points of fall is possible from 7500 levels. I have no idea if it gives 100% result what it is showing on theory but the target lies near 6000. Sorry, if words hurts you but this is what I feel. I do not see Nifty going at 8000 anymore in easier way.

It looks like H&S pattern is taking its effect. Well, if H&S pattern goes on its true mode then 7200-7100 is the possibility. Meantime Nifty is over sold for short term and intraday chart. This says that market may ignore MACD positive divergence and sooner or later it will hit 7200-7100 levels. After that 6500 will be the figure which people will talk about.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty June future – I earned a loss on my last short deal in some over confidence. It may come as I was much focused on bearish pattern but still I make a better exit in my view. I am not going to trade today. Neither have I advised anyone to trade. I can say that Nifty June future can hit as high as 8050-8100. Let us see.

BANK NIFTY – This is the index which was saving bulls and kept them in race and finally it did the same move. It hits 17000-17100 levels. Now, it is make or break time. Whole market direction will depends on this index. The time is on. Can it hit 17350-17500 which can be next ambitious threshold? Support stand in the zone of 16800-16700 where 200 DMA is running. 

25 May 2016: Nifty Elliott wave analysis: Now, 7770-7830 will act as zone of resistance before derivative expiry. I do not see easy reversal against the possibility of fall.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 25 May 2016: -

On 24 May 2016: FII Net Sold – INR 815.53 Crs:  DII Net Bought – INR – 989.95 Crs

The double ton gain on Dow Jones Industrial Average is showing strength on Nifty but it does not have its own inherent strength. It makes me forced to say that today’s gap up may go as trap. As long as Nifty is staying below 7830 we cannot say that we can expect good gain from current levels. Technical indicators are not supportive for gain.

For today’s session, Nifty may open higher and may try to give a test of 7800. Take a note that 7770-7830 is a zone of resistance now. Nifty may hover in this zone but I do not see much chance of closing going around there. I am on wait and watch mode from here till derivative as derivative expiry is not my favourite time to trade. Can I think of short covering? I believe that it can go reverse. Forced long trade will see unwinding.

80% chance is that we are seeing a toping pattern on Nifty and level of 7992+ may remain top for the quarter.

I hope it gave you the value of following paragraph which remains the part of my daily analysis.

Let me clear what weekly charts are saying. A full 1500 points of fall is possible from 7500 levels. I have no idea if it gives 100% result what it is showing on theory but the target lies near 6000. Sorry, if words hurts you but this is what I feel. I do not see Nifty going at 8000 anymore in easier way.

It looks like H&S pattern is taking its effect. Well, if H&S pattern goes on its true mode then 7200-7100 is the possibility. Meantime Nifty is over sold for short term and intraday chart. This says that market may ignore MACD positive divergence and sooner or later it will hit 7200-7100 levels. After that 6500 will be the figure which people will talk about.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty June future – It is looking like 50 points gap up now. Afterward I like see the retrenchment from that level. If Nifty June future go below 7800 after opening then it is highly likely to see that market may end up on weak note only. I am anticipating resistance to be in the zone of 7830-7850. I hope to see a weak trend after a gap up. I still stick with my short deal.

BANK NIFTY – Bank Nifty has shown resilience against the fall from past two days. This is perhaps the only point that I am giving edge to the bulls. A prime sectorial index is saving market from the possibility of big cut. The time is on; it can either make or break levels. We have technical support at 16100-16200 levels. On higher side it has resistance at 16800 levels. It is at mid-way of the given range. A decisive move is required to trade.

24 May 2016: Nifty Elliott wave analysis: I stick on my derivative target of 7600 levels. Below 7700 we can expect panic sell off.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 24 May 2016: -

On 23 May 2016: FII Net Sold – INR 65.60 Crs:  DII Net Sold – INR – 167.77 Crs

Usually the Tuesday before expiry is known to be violent. If this goes on violent note that we can expect levels of 7600 by today or tomorrow. We are now bound to see resistance at 7770-7800 levels. Still, I always advise caution before derivative expiry. Can short covering hit? Chances are less but I cannot deny any such development.

For today’s session, market may open on flat note. Afterward derivative build up may govern the market mood. It can definitely disturb the market mood. By any chance if it can break the levels of 7700 then we can expect a panic like situation. We are living on edge. My call is short this market for a slide towards 7600 for this week.

80% chance is that we are seeing a toping pattern on Nifty and level of 7992+ may remain top for the quarter.

I hope it gave you the value of following paragraph which remains the part of my daily analysis.

Let me clear what weekly charts are saying. A full 1500 points of fall is possible from 7500 levels. I have no idea if it gives 100% result what it is showing on theory but the target lies near 6000. Sorry, if words hurts you but this is what I feel. I do not see Nifty going at 8000 anymore in easier way.

It looks like H&S pattern is taking its effect. Well, if H&S pattern goes on its true mode then 7200-7100 is the possibility. Meantime Nifty is over sold for short term and intraday chart. This says that market may ignore MACD positive divergence and sooner or later it will hit 7200-7100 levels. After that 6500 will be the figure which people will talk about.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty June future – I have switched my position from May month to June month now. I added short @ 7790 levels. If things work then I may expect levels of 7600 by this week itself. Even if any intraday pullback comes I will add more short.  As long as it is below 7830 we cannot expect short covering to go violent. It will have support at 7700 levels. If it breaks 7700 then we can expect selling.

BANK NIFTY – Bank Nifty has shown resilience against the fall. This is perhaps the only point that I am giving edge to the bulls. a prime sectorial index is saving market from the possibility of big cut. The time is on; it can either make or break levels. We have technical support at 16100-16200 levels. On higher side it has resistance at 16800 levels. It is at mid way of the given range. A decisive move is required to trade.

23 May 2016: Nifty Elliott wave analysis: Expiry week can give us target of 7600. How will it come?

You must read previous articles and watch the given chart carefully to understand this article completely.

For 23 May 2016: -

On 20 May 2016: FII Net Sold – INR 743.86 Crs:  DII Net Bought – INR – 597.49 Crs

It has closed below 7770 on weekly closed and today is first trading day of the week. Now, I am seeing a possibility of weakness to continue up to 7600 levels on Nifty. We may see frequent odd pull back. Every pullback will face resistance at 7770-7800 levels.

For today’s session, market may open little positive as reflected by SGX Nifty backed by global strength. I do not see much chance for Nifty to revive at higher levels. We may see resistance in the zone of 7770 to 7800 and then a further slip. Logically, this may get technical support at 7700 for intraday. Below 7700 we may expect a panic sell off.

80% chance is that we are seeing a toping pattern on Nifty and level of 7992+ may remain top for the quarter.

I hope it gave you the value of following paragraph which remains the part of my daily analysis.

Let me clear what weekly charts are saying. A full 1500 points of fall is possible from 7500 levels. I have no idea if it gives 100% result what it is showing on theory but the target lies near 6000. Sorry, if words hurts you but this is what I feel. I do not see Nifty going at 8000 anymore in easier way.

It looks like H&S pattern is taking its effect. Well, if H&S pattern goes on its true mode then 7200-7100 is the possibility. Meantime Nifty is over sold for short term and intraday chart. This says that market may ignore MACD positive divergence and sooner or later it will hit 7200-7100 levels. After that 6500 will be the figure which people will talk about.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – I am anticipating for 7700 levels on expiry week at least and here we are on. We may see higher opening but it may turn weak on higher side. One thing is for sure that one should not stay short if Nifty May future crosses 7830 levels. Do not remain short above this level. Remember, we may see odd moves on expiry week and caution is always advised before expiry.

BANK NIFTY – Bank Nifty has shown resilience against the fall. This is perhaps the only point that I am giving edge to the bulls. a prime sectorial index is saving market from the possibility of big cut. The time is on; it can either make or break levels. We have technical support at 16100-16200 levels. On higher side it has resistance at 16800 levels. It is at mid way of the given range. A decisive move is required to trade.

20 May 2016: Nifty Elliott wave analysis: 7800-7770 is a decisive support. Break of triangle can cause the test of 7600 sooner.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 20 May 2016: -

On 19 May 2016: FII Net Sold – INR 764.58 Crs:  DII Net Bought – INR – 1483.65 Crs

Nifty has shown its pattern of weakness. After early fluctuation it slipped by good margin and settle just above 7770 levels. This makes me to believe that I am on right direction on shorting. Now, pattern generated are suggesting me that if it breaks below 7770 and sustain then we can expect levels of 7700 by today only. No global sentiment can provide good support to Indian market anymore.

For today’s session, market is set to open lower. I am against quoting 7770 as the last best support available for market. A simple one liner study is, short below 7770 and wait for 7700 to come. It can hit 7600 also in near term. I do not find any levels safer for bulls.

80% chance is that we are seeing a toping pattern on Nifty and level of 7992+ may remain top for the quarter.

I hope it gave you the value of following paragraph which remains the part of my daily analysis.

Let me clear what weekly charts are saying. A full 1500 points of fall is possible from 7500 levels. I have no idea if it gives 100% result what it is showing on theory but the target lies near 6000. Sorry, if words hurts you but this is what I feel. I do not see Nifty going at 8000 anymore in easier way.

It looks like H&S pattern is taking its effect. Well, if H&S pattern goes on its true mode then 7200-7100 is the possibility. Meantime Nifty is over sold for short term and intraday chart. This says that market may ignore MACD positive divergence and sooner or later it will hit 7200-7100 levels. After that 6500 will be the figure which people will talk about.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – I am practically short on this market from 7860 and I am waiting for the decisive break below 7770. I hope we can get those now. Technically, below 7770 we can hope for 7700. I must add that something can cause this market to grip under panic. If this happens then market can head lower for many more days.

BANK NIFTY – Bank Nifty has closed just 1% yesterday. From the levels of 15565 we can hope for a move towards 16200 for once. Somehow pattern on Bank Nifty is not as weak as Nifty. Still, I believe that downside is very much possible but may be limited at lower end. A confirm sell signal will come only below 16000 levels. 

19 May 2016: Nifty Elliott wave analysis: 7800-7770 is a decisive support. Break of triangle can cause the test of 7600 sooner.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 19 May 2016: -

On 18 May 2016: FII Net Sold – INR 250.70 Crs:  DII Net Bought – INR – 239.91 Crs

Nifty chart is forming a triangle on EOD chart. This is a dangerous pattern. Market is waiting for poll result and BJP may be missing edge so far. I must say that 70% chance is that Nifty pattern will go in favour of bears. We are already on 200 DMA resistances and market is in the need of trigger.

For today’s session, market is set to open lower. I am against quoting 7770 as the last best support available for market. Due to dicey moves we may not see a confident direction. I am just anticipating that market should fall from 200 DMA and on intraday moves it can fall from a top.

I am again quoting very strongly that ruling NDA is losing its grip and heading for policy paralysis again. They know what to do but they do not know how to di.

I hope it gave you the value of following paragraph which remains the part of my daily analysis.

Let me clear what weekly charts are saying. A full 1500 points of fall is possible from 7500 levels. I have no idea if it gives 100% result what it is showing on theory but the target lies near 6000. Sorry, if words hurts you but this is what I feel. I do not see Nifty going at 8000 anymore in easier way.

It looks like H&S pattern is taking its effect. Well, if H&S pattern goes on its true mode then 7200-7100 is the possibility. Meantime Nifty is over sold for short term and intraday chart. This says that market may ignore MACD positive divergence and sooner or later it will hit 7200-7100 levels. After that 6500 will be the figure which people will talk about.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – 7900-7920 may again be the zone of stiff resistance. In the down side it can get support at 7820 levels. Break will cause a move towards 7770. If it breaks 7770 then we can expect a level of 7700. If BJP really miss the current poll result then we can see real big trouble hitting market.   

BANK NIFTY – This index is still running here and there around 200 DMA but unable to take any decisive direction. This kind of odd trading may continue. It is facing resistance at 17000 levels and do not attempt to trade long unless it goes above 17000. Somehow this is convincing me for a move towards 16200 levels sooner.  

18 May 2016: Nifty Elliott wave analysis: Flip-Flop at 200 DMA is still on. Index may remain indecisive for this week too.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 18 May 2016: -

On 16 May 2016: FII Net Sold – INR 79.84 Crs:  DII Net Bought – INR – 127.91 Crs

The way Nifty has progressed we can say that Nifty is turning silent when it comes to cross 7940-8000 hurdle zone. It is a first sign of weakness. We can say that market may not able to find any decisive direction for this week if it does not fall. I am not expecting fall either. It can be here and there. This may be a time for market man to be off the index trading.

For today’s session, we can expect market to open lower. It has again pushed the market to test 200 DMA. In fact whatever is happening is due to 200 DMA. Neither bull nor bears want to leave their point. Technically, market may go to test the zone of 7830-7770 as key and decisive support. So we are again back to zone where we have started.

One more thing, “I am strongly quoting that after few month people and market men will take about POLICY PARALYSIS of this government too.”

I hope it gave you the value of following paragraph which remains the part of my daily analysis.

Let me clear what weekly charts are saying. A full 1500 points of fall is possible from 7500 levels. I have no idea if it gives 100% result what it is showing on theory but the target lies near 6000. Sorry, if words hurts you but this is what I feel. I do not see Nifty going at 8000 anymore in easier way.

It looks like H&S pattern is taking its effect. Well, if H&S pattern goes on its true mode then 7200-7100 is the possibility. Meantime Nifty is over sold for short term and intraday chart. This says that market may ignore MACD positive divergence and sooner or later it will hit 7200-7100 levels. After that 6500 will be the figure which people will talk about.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – I am not on trade mode here. This gave many odd signals. This may not be time to add positional trade and market may not fit for intraday either. Technical support will emerge only at 7830. On higher side even 7920-7940 looks tougher. Can we expect panic sell off at any stage? So far, my answer is no but Nifty is on stiff resistance.  

BANK NIFTY – This index is still running here and there around 200 DMA but unable to take any decisive direction. This kind of odd trading may continue. It is facing resistance at 17000 levels and do not attempt to trade long unless it goes above 17000. Somehow this is convincing me for a move towards 16200 levels sooner.  

17 May 2016: Nifty Elliott wave analysis: 7770 support works and Nifty may take a move towards 7940 and then a flip-flop race for 8000.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 17 May 2016: -

On 16 May 2016: FII Net Sold – INR 79.84 Crs:  DII Net Bought – INR – 127.91 Crs

I have quoted for a support zone as 7830 to 7770. Yesterday, Nifty took “U” turn from 7772 levels. Well anticipated levels. I took off my all shorted in that bounce which came from low and saved myself from bigger loss. This gave me edge to think fresh. Here comes gap up. Can we expect a breach of 8000 marks this time? Nifty is near at 200 DMA and it is running with flip flop mode.

For today’s session, we can expect a move with gap up. I am anticipating a possible level of 7940 for the day. Afterward, market need to take course of decisive action. Can we expect a big move? If it has to hit levels of 8000 then perhaps today is the best suited day. Technical support remains in the zone of 7830 to 7770 levels. As long as Nifty is above 7770 we can hope of a move towards 8000 levels.

One more thing, “I am strongly quoting that after few month people and market men will take about POLICY PARALYSIS of this government too.”

I hope it gave you the value of following paragraph which remains the part of my daily analysis.

Let me clear what weekly charts are saying. A full 1500 points of fall is possible from 7500 levels. I have no idea if it gives 100% result what it is showing on theory but the target lies near 6000. Sorry, if words hurts you but this is what I feel. I do not see Nifty going at 8000 anymore in easier way.

It looks like H&S pattern is taking its effect. Well, if H&S pattern goes on its true mode then 7200-7100 is the possibility. Meantime Nifty is over sold for short term and intraday chart. This says that market may ignore MACD positive divergence and sooner or later it will hit 7200-7100 levels. After that 6500 will be the figure which people will talk about.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – I came off my short trades at 7820-7825 itself but not added long yet. As it may open above 7900 then I may have many limitation in taking fresh long. Technical support will came at 7860 and a possible top may go as high as 7980 levels. Can we get that? Let us see. Do not short at 7900.

BANK NIFTY – This index is still running here and there around 200 DMA but now relative strength goes more for Nifty. As long as it is below 16800, I may be shy in trading long but today it may add gap up. Above 16800 we can anticipate for 17000-17100 levels. I am not much interested in trading bank Nifty. 

16 May 2016: Nifty Elliott wave analysis: If Nifty can settle below 200 DMA then a dip of 2% is possible for this week but I am not so firm.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 16 May 2016: -

On 13 May 2016: FII Net Bought – INR 1493.88 Crs:  DII Net Bought – INR – 667.02 Crs

Nifty is hovering near 200 DMA. This makes analysis tougher and I found market little uneasy to trade. Although I believe that most part of this week should be bearish. I need to see market resting below 200 DMA. There is a good support at 7770 levels too. I may get convince if closing goes below 7770 levels. My expectation for the week is around 7650 to 7600. I am already quoting that 7830-7770 is a zone for support. We can take speculative short only.

For today’s session, market may take a start around 7770 and then it can make today’s trading decisive. If Nifty can sustain below 7770 then we can see a move towards 7700 levels. On higher side 7850 will act as zone of stiff resistance. Can it hit 8000 or higher levels? Well, this may not come so easily does not matter how much people wants it.  

I hope it gave you the value of following paragraph which remains the part of my daily analysis.

Let me clear what weekly charts are saying. A full 1500 points of fall is possible from 7500 levels. I have no idea if it gives 100% result what it is showing on theory but the target lies near 6000. Sorry, if words hurts you but this is what I feel. I do not see Nifty going at 8000 anymore in easier way.

It looks like H&S pattern is taking its effect. Well, if H&S pattern goes on its true mode then 7200-7100 is the possibility. Meantime Nifty is over sold for short term and intraday chart. This says that market may ignore MACD positive divergence and sooner or later it will hit 7200-7100 levels. After that 6500 will be the figure which people will talk about.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – 7830-7850-7870 will remains zone of firm resistance. So far, market looks like shorting the top zone before a slide. I may be firm on shorting once it gives me close below 7780 levels. I am expecting a bearish week but things may not be easy till that time. Short the rise for the day to see a sharp slide in second half.  

BANK NIFTY – This index is running here and there around 200 DMA just like Nifty. I believe that key is in BANK NIFTY. If this goes week from 200 DMA then a possible dip in market may hit very easily. The clock is ticking and Index is not moving above 200 DMA convincingly. As long as it is resting below 16800 levels do not opt trading long. 

13 May 2016: Nifty Elliott wave analysis: It is on same situation. 7950-8000 is a zone of bigger hurdle. Support @ 7830-7770.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 13 May 2016: -

On 12 May 2016: FII Net Bought – INR 24.14 Crs:  DII Net Bought – INR – 258.35 Crs

This consolidation goes against all bad news. So far, it is not giving any great sign of weakness but it is looking tired near resistance levels. If market has to slip lower, then it can slip anytime now. I am not going to buy this market unless it surpasses 8000 marks.

Now the time is on for correction to begin. In alter sense; if Nifty does not show any weakness and surpasses 8000 marks then it will generate momentum for bulls to get bigger targets. Although chances are less but chances are there. As long as Nifty is above 7830-7770, this market will not go weak and remains under firm grip of bulls.

For today’s session, market may take a negative start as reflected by SGX Nifty. I do not opt buying even after good technical set up as it is on resistance. I am keeping a view for reversal and weakness for today. If this goes range bound then do not trade.

I hope it gave you the value of following paragraph which remains the part of my daily analysis.

Let me clear what weekly charts are saying. A full 1500 points of fall is possible from 7500 levels. I have no idea if it gives 100% result what it is showing on theory but the target lies near 6000. Sorry, if words hurts you but this is what I feel. I do not see Nifty going at 8000 anymore in easier way.

It looks like H&S pattern is taking its effect. Well, if H&S pattern goes on its true mode then 7200-7100 is the possibility. Meantime Nifty is over sold for short term and intraday chart. This says that market may ignore MACD positive divergence and sooner or later it will hit 7200-7100 levels. After that 6500 will be the figure which people will talk about.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – I do not have fresh trade for positional again. I want to be blank for the day too. Technical charts are advising caution and I am caution mode only. On higher side Nifty future will face resistance at 7950- 7960 levels. Downside support stands at 7850. If it stands below 7850 then we can hope for a correction to begin towards 7800 before going decisive.

BANK NIFTY – I repeat do not buy at 200 DMA. A good cross over can give a buy but this is a zone of resistance too. As of now I cannot say that we got a cross over. It may be just facing resistance. If it is a resistance then we can see a dip towards 16200 levels. Today is a decider. Avoid buying for today. Just wait and watch before trades. 

12 May 2016: Nifty Elliott wave analysis: I safely exited from long yesterday. Below 7800, market may be bearish till Friday.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 12 May 2016: -

On 11 May 2016: FII Net Sold – INR 362.19 Crs:  DII Net Bought – INR – 729.59 Crs

I must say that market gave a goof passage to bulls to move out of long. I exited safely. Well, p note not touched and so market may not be very worried about tax treaty. Big question is that has the technical set up changes?

I must say yes, it has. I am sensing a double top with second top lower than the first one. Although I was expecting 8000 minimum for the week and then news flow hit. I am still not very out from my forecast of 8000 marks but I am not that confident now. In fact below 7770 it may go under grip of bears again.

For today’s session, market may take a negative start as reflected by SGX Nifty. I have said for bullish first half of the week and it has done. Now we are in last two trading session of the week and I will count this as second half. I will not make fresh attempt to buy. If things favours then market will go lower from here onwards.

I hope it gave you the value of following paragraph which remains the part of my daily analysis.

Let me clear what weekly charts are saying. A full 1500 points of fall is possible from 7500 levels. I have no idea if it gives 100% result what it is showing on theory but the target lies near 6000. Sorry, if words hurts you but this is what I feel. I do not see Nifty going at 8000 anymore in easier way.

It looks like H&S pattern is taking its effect. Well, if H&S pattern goes on its true mode then 7200-7100 is the possibility. Meantime Nifty is over sold for short term and intraday chart. This says that market may ignore MACD positive divergence and sooner or later it will hit 7200-7100 levels. After that 6500 will be the figure which people will talk about.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – I have no position now. I will take my time before adding fresh deal but I am sensing a need to adding short here. I need to decide about levels too and more importantly I need to decide stop loss before trade. Technical support is at 7800 levels. If it breaks 7800 then we can expect a quick fire 70-100 points but on nifty future.     

BANK NIFTY – Do not buy at 200 DMA. A good cross over can give a buy but this is a zone of resistance too. As of now I cannot say that we got a cross over. It may be just facing resistance. If it is a resistance then we can see a dip towards 16200 levels. Today is a decider. Avoid buying for today. Just wait and watch before trades. 

11 May 2016: Nifty Elliott wave analysis: Book your entire long and stay away from market. A sharp panic fall may hit on Mauritius TAX treaty. No support at all.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 11 May 2016: -

On 10 May 2016: FII Net Bought – INR 328.59 Crs:  DII Net Bought – INR – 68.20 Crs

Indian indices are expected to open deep in the red after the Indian government amended a long-standing tax treaty with Mauritius that plugs loopholes in the system and aims to check tax evasion. Well, I took a long yesterday and without much hesitation I will opt to book my loss. It looks like long may get trapped.

Whenever we saw reaction from FIIS, it used to be very tougher. Below 7800, Nifty is already running short of technical support.

For today’s session, market may take a negative start as reflected by SGX Nifty. No harm, it will book my loss of 50-60 points on long where I was gaining 50 point by closing minutes yesterday. Remember, trap at this level may indicate a short to medium term top. Worse is that it is coming with news flow which FII hates most.

Well, put TAX on them, I like it. At least something is happening to bring equality between investors of India and Investors from abroad.

I hope it gave you the value of following paragraph which remains the part of my daily analysis.

Let me clear what weekly charts are saying. A full 1500 points of fall is possible from 7500 levels. I have no idea if it gives 100% result what it is showing on theory but the target lies near 6000. Sorry, if words hurts you but this is what I feel. I do not see Nifty going at 8000 anymore in easier way.

It looks like H&S pattern is taking its effect. Well, if H&S pattern goes on its true mode then 7200-7100 is the possibility. Meantime Nifty is over sold for short term and intraday chart. This says that market may ignore MACD positive divergence and sooner or later it will hit 7200-7100 levels. After that 6500 will be the figure which people will talk about.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – I was gaining almost 50 points on long  which I had added near 7870 but now I have to cut that long position on news flows. I will not take risk as this newsflow hits FII and their reactions used to be violent. Do not take risk and if you are light hearted then do not even trade. You can say, I want to run away from long trades now.

BANK NIFTY – this may not be great analysis at this situation as it may be panic like environment. I am expecting 16150 and then a massive free fall. Bank Nifty may be worse hit and fall will on news flow. Do not take adventurous long anymore. 

10 May 2016: Nifty Elliott wave analysis: A great reversal pushes Nifty above 200 DMA. Now, expect 8000-8050 by weekend. Buy all dips.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 10 May 2016: -

On 09 May 2016: FII Net Bought – INR 224.40 Crs:  DII Net Bought – INR – 350.60 Crs

I was expecting this recovery but I have no added any trade for long in this recovery yet. Now it gave a nice sign to trade. It has pushed above 200 DMA which is already slipping down. I am expecting a new short term high by this week itself back by good momentum and good technical structure.

My key expectation for the week – NIFTY can HIT 8050 by Friday. Hence buy all possible dip with suitable stop loss.

For today’s session, market may take a negative start as reflected by SGX Nifty. No harm, it will give me all those possibility of buy. Expect technical support at 7800. I do not think that Nifty can slip much below this support even in extreme case.  

I hope it gave you the value of following paragraph which remains the part of my daily analysis.

Let me clear what weekly charts are saying. A full 1500 points of fall is possible from 7500 levels. I have no idea if it gives 100% result what it is showing on theory but the target lies near 6000. Sorry, if words hurts you but this is what I feel. I do not see Nifty going at 8000 anymore in easier way.

It looks like H&S pattern is taking its effect. Well, if H&S pattern goes on its true mode then 7200-7100 is the possibility. Meantime Nifty is over sold for short term and intraday chart. This says that market may ignore MACD positive divergence and sooner or later it will hit 7200-7100 levels. After that 6500 will be the figure which people will talk about.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – I have a plan to add long today and I will load many long in downside if comes. This week may be my key week for the month when I may be active to good extent on stocks too. Nifty future can hit 8050-8100 sooner by Friday. One needs to be very flexible on stop loss. Volatility may be high in downside.

BANK NIFTY – I have already said for 16750 and here it’s down in just one session. This is too much and too rapid for a day but still momentum can move forward only. In down side if it comes around 16500 one should long trade with stop loss about 16200 for a target of 17500. Be flexible in stop loss and prefer to buy in dip only. 

09 May 2016: Nifty Elliott wave analysis: 50 DMA support working at 7670. As long as it holds 7670 expect 7850 by first half the week.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 09 May 2016: -

On 06 May 2016: FII Net Bought – INR 27.71 Crs:  DII Net Bought – INR – 179.80 Crs

A price correction may have seen the beginning from 7670. A simple reason is 50 DMA. A technical price recovery is expected and it deserves. What can be magnitude of recovery? Well, I do not want to speculate the levels as we need to see a good confirmation. If things go in favour of bulls then 7850 may be visible in first of this week. I still say that down side has yet to come after a day or two of recovery.

My key expectation is – NIFTY can HIT 7400 by MAY month series and hence I am holding my shorts. Worse possible target can be 7200 too.

For today’s session, market may take a positive kick start for the week. Immediate support comes at 7700-7670 levels. As long as it holds 7670 do not opt shorting. We may expect a recovery. Let us see how long can it recover. I may opt trading long only for the day.

I hope it gave you the value of following paragraph which remains the part of my daily analysis.

Let me clear what weekly charts are saying. A full 1500 points of fall is possible from 7500 levels. I have no idea if it gives 100% result what it is showing on theory but the target lies near 6000. Sorry, if words hurts you but this is what I feel. I do not see Nifty going at 8000 anymore in easier way.

It looks like H&S pattern is taking its effect. Well, if H&S pattern goes on its true mode then 7200-7100 is the possibility. Meantime Nifty is over sold for short term and intraday chart. This says that market may ignore MACD positive divergence and sooner or later it will hit 7200-7100 levels. After that 6500 will be the figure which people will talk about.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – I am off to my short deals as 50 DMA was so close. I may take temporary long trade against the counter trend as recovery may continue for two to three days. I am equally firm that market may again fall in second half of the week. As long as it holds 7720-7700, do not opt fresh shorting.

BANK NIFTY – I have already said for 16200 and it has done. After a slide of 800 points, a technical recovery is expected. If things go the way I am expecting I may expect levels of 16700-16750. Remember, do not short now unless this index goes below 16100 which is beyond my expectation as of now. 

06 May 2016: Nifty Elliott wave analysis: Possibility alive for the slide to continue for next week too. It’s just a pause. Target 7400.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 06 May 2016: -

On 05 May 2016: FII Net Sold – INR 388.51 Crs:  DII Net Bought – INR – 251.79 Crs

Yesterday’s move came as pause in fall as this sell off continues from 7980 resistance levels. I do not see good possibility of reversal. We can just need to believe that sooner or later it will hit the levels like 7400. I expect a pause in fall and then we should use rise for shorting again.

My key expectation is – NIFTY can HIT 7400 by MAY month series and hence I am holding my shorts. Worse possible target can be 7200 too.

For today’s session, market may take a soft opening. I see a bright possibility of hitting 7600 by next week. Today is Friday and we just a positive close yesterday. If it breaks 7700 by anyhow, then we can see a possible slide towards 7600. Sequence is suggesting for another day of pause. I am expecting for a dip in second half or a recovery in second half. First half may remain dull. This is a challenging day for bull. Let us see. Expect resistance at 7800.

I hope it gave you the value of following paragraph which remains the part of my daily analysis.

Let me clear what weekly charts are saying. A full 1500 points of fall is possible from 7500 levels. I have no idea if it gives 100% result what it is showing on theory but the target lies near 6000. Sorry, if words hurts you but this is what I feel. I do not see Nifty going at 8000 anymore in easier way.

It looks like H&S pattern is taking its effect. Well, if H&S pattern goes on its true mode then 7200-7100 is the possibility. Meantime Nifty is over sold for short term and intraday chart. This says that market may ignore MACD positive divergence and sooner or later it will hit 7200-7100 levels. After that 6500 will be the figure which people will talk about.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – I do not see much chance of recovery but I want a recovery to come. It can generate another opportunity of shorting. Now, if it opens near 7720 as reflecting by SGX NIFTY then situation will be troubling. If it does not recover from 7720 levels then a big slide is possible. On higher side 7800 may remain untouched.

BANK NIFTY – This goes as expected and hit 16300 levels. On higher side 16750 may not tested sooner anymore. Now, if it breaks 16200 then we can expect levels of 16000 levels. I am expecting a big slide by MAY month itself. I believe that next week is going to be crucial. In any bounce it is just a short. Policy may be a killer for banking sector. 

04 May 2016: Nifty Elliott wave analysis: A close below 7750 we live on the edge of panic sell off. Possible target 7600-7540.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 04 May 2016: -

On 03 May 2016: FII Net Sold – INR 755.28 Crs:  DII Net Bought – INR – 484.64 Crs

In my language the time is ON as 7750 has broken. Longer it sustain below 7750 we can expect a panic fall. If panic fall does not come then also it will always live with the threat of panic sell off. This makes market uneasy for bulls. Hope readers took the advantage. I repeat the following two liners.

My key expectation is – NIFTY can HIT 7400 by MAY month series and hence I am holding my shorts. Worse possible target can be 7200 too.

For today’s session, market may take a gap down opening. I am expecting opening fairly below 7750 and the next logical target is 7600-7530. I experiment my own trades and I am on hold for my short deals which I took from the resistance of 7980 and added when Nifty was breaking 7900 on downside from higher side.

I hope it gave you the value of following paragraph which remains the part of my daily analysis.

Let me clear what weekly charts are saying. A full 1500 points of fall is possible from 7500 levels. I have no idea if it gives 100% result what it is showing on theory but the target lies near 6000. Sorry, if words hurts you but this is what I feel. I do not see Nifty going at 8000 anymore in easier way.

It looks like H&S pattern is taking its effect. Well, if H&S pattern goes on its true mode then 7200-7100 is the possibility. Meantime Nifty is over sold for short term and intraday chart. This says that market may ignore MACD positive divergence and sooner or later it will hit 7200-7100 levels. After that 6500 will be the figure which people will talk about.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – I am holding my shorts from 7950 and that’s makes me safer now. I am not even making frequent deals. If I have to pick intraday trade today then I will pick a short trade. I am not willing to book my short but that depends on the possibility of recovery.

BANK NIFTY – It has broken 16750-16800 levels and then 400 points of crack down. This makes a meaning. For today’s trading session I must inform you that BANK NIFTY is making a short signal two days after Nifty makes a short. From the levels of 15400, I have a possible target of 15000 for the day itself. Let us see. I have no deal on BANK NIFTY yet. I am happy with my Nifty short.  

03 May 2016: Nifty Elliott wave analysis: 7750 is a last hope and perhaps strong support as of now. Sooner or last 7400 may hit.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 03 May 2016: -

On 02 May 2016: FII Net Bought – INR 434.93 Crs:  DII Net Sold – INR – 109.56 Crs

I am on my point. Nifty has faced hurdle in the zone of 7980-8000 and then slipped. We have two back to back sessions with fall after derivative expiry. Take a note that this top came with earning season which was my expectation. I cannot say that whole global market is fall but I can focus on point that this is India based sell off some fundamental factors like companies profitability is not raising. Shall I consider good monsoon as key impact. Well, market need to take positive cues when it wants. Right now, market may not accept good news.

My key expectation is – NIFTY can HIT 7400 by MAY month series and hence I am holding my shorts. Worse possible target can be 7200 too.

For today’s session, market may take a flat opening. I still consider that 7750 will offer good support. It may not break 7750 very easily. If this breaks and close below 7750 then we may see a real big panic sell off. On higher side 7870 is a key resistance.

Let me clear what weekly charts are saying. A full 1500 points of fall is possible from 7500 levels. I have no idea if it gives 100% result what it is showing on theory but the target lies near 6000. Sorry, if words hurts you but this is what I feel. I do not see Nifty going at 8000 anymore in easier way.

It looks like H&S pattern is taking its effect. Well, if H&S pattern goes on its true mode then 7200-7100 is the possibility. Meantime Nifty is over sold for short term and intraday chart. This says that market may ignore MACD positive divergence and sooner or later it will hit 7200-7100 levels. After that 6500 will be the figure which people will talk about.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – Can we expect levels of 7770-7750 by today? Well, I cannot deny the possibility but I am little shy in taking shorts at lower levels. Suppose if market refuse to fall in quick time then I may opt to book my short for once and I will try to revise my short price by shorting at higher levels. This does not means that I will book immediately. What I mean to say is a pause may come now.

BANK NIFTY – Believe it or not we may see 14000 levels by May month series. I am willing to add short for my own in greed but I prefer to add short on some bounce. 16750-16800 may act as stiff resistance. We need to save ourselves from  unnecessary shorting. 

02 May 2016: Nifty Elliott wave analysis: I hold my short deal of NIFTY and expecting 7750 as NIFTY support.

Good Morning,
I am travelling as of now hence unable to update studies in details. My view remains same. Expecting 7750 as support before MAY SELL OFF. I hold my shorts.
Regards,
Praveen Kumar