30 June 2016: Nifty Elliott wave analysis: Expiry day may go wild with two decisive resistances on Nifty – One @ 8240 next @ 8280!!!

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

For 30 June 2016: -

On 29 June 2016: FII Net Sold – INR 102.91 Crs:  DII Net Sold – INR – 20.19 Crs

Gap has filled and it was expected. We are on derivative expiry day. I normally avoid this day and nearer days too for trading activity. So far, things are normal and on upside. Market has digested two bigger shocks in easier ways. In this way market is giving us a sense that market has potential to move forwards and capable enough to break 8300. Well, this is just a sense. If it has to break 8300 then no day can be better than today. Either trap shorts will make forceful exit or long unwind should come. Something has to happen today.

For today’s trading session I am expecting market to open on flat to positive note. It came at 8200 which I was nothing thinking as so easier to get. Technical charts are suggesting for multiple resistance to emerge at these levels. First such resistance is 8240. Can any resistance work as sell off? If it has to then it can be 8240 only. If it fails at 8240 then expiry can be wild. Do not trade if you are light hearted.

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.

To take good advantage join paid services.

Strategy for Nifty July future – I got the move which I have predicted but I have not participated looking on to the resistance. Technical charts are suggesting that longer it sustain above 8230-8240 it can add 30-40 points more before testing decisive trend. A short term trend formation or reversal will be indicated today by last half.

BANK NIFTY – So Far it is just dull near 17600 levels. Technical charts are suggesting that as long as it is above 17400 we have no big room for shorting. For long, this trend will remain range bound in the range of 17700-18100 levels. This sectoral index is not in my favourite list so far. Although, if market slips from high then this may have potential to perform.

29 June 2016: Nifty Elliott wave analysis: This rise goes just for a gap fill. If Nifty react at 8200 or nearer then fall is unavoidable.

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

For 29 June 2016: -

On 27 June 2016: FII Net Sold – INR 146.11 Crs:  DII Net Sold – INR – 147.07 Crs

I need to repeat that Indian market is not recovering as global market after BREXIT. Take a note that Indian market is suffering from RAJANEXIT too. Hence, we are seeing the same result. Now, big question is the outcome and aftereffect of this event. I strongly believe that both exits will make substantial impact in short term. This recovery will sustain as long as it wants but sooner we will see a top formation.

My ultimate target is 7700-7600 levels which should come within a month.

For today’s trading session I am expecting market to open on flat to positive note. It may not be easy to sustain above 8150-8200 levels. We can see multiple resistances on higher side. I am expecting reaction near 8200 or may be a level before that. I strongly suggest not taking too many trades and being cautious on long trades. A fall is near.

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 July future – I am anticipating a move towards 8200 to 8230 levels but we are moving towards a decisive resistance. I was mot very firm on this recovery but do not short as long as recovery holds. Real trading opportunity will come on fall. I may opt trading long but I have no intention on trading for positional.

BANK NIFTY – This index is stronger than the anticipation. Technical charts are suggesting for a move towards 18000-18100 levels. Technical support is a 17400. If this works then it may be a buy with moderate stop loss for a move towards desired target. I still advise caution before derivative expiry. Any surprise move can spoil technical charts. Dull days may go in favour of bears sooner or later. 

28 June 2016: Nifty Elliott wave analysis: Derivative expiry may cause a puzzled move. Technical support – 8050-8000!!!

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

For 28 June 2016: -

On 27 June 2016: FII Net Sold – INR 146.11 Crs:  DII Net Sold – INR – 147.07 Crs

A recovery is still under expectation. Well, as I said that market may undergo a choppy sessions before derivative expiry. Technical charts are still giving hope of this recovery but this recovery will by dicey. As long as Nifty is below 8050 we cannot expect recovery to govern the trend. I am almost sure that another shock wave fall is very near but not so sooner.

My ultimate target is 7700-7600 levels which should come within a month.

For today’s trading session I am expecting market to open on flat note but this is going to be good for trading. It may be 30 points up or down and market may remain in indecisive mode. Technical support is at 8050 and 8000 levels. Let us see if we can get something tradable. Banking index has saved and hence that is my good hope. One should go for stock specific trade.

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.

To take good advantage join paid services.

Strategy for Nifty June future – I prefer to trade long yesterday but that does not work in wild move in a range. It gave up from a point from where it should have made the day. Well, I may not opt to trade short easily. Technical charts are giving sign of support. If it works then rise should come above 8130 only. Support stand at 8050 levels. Let us see what comes first.

BANK NIFTY – This index is stronger than the anticipation. Technical charts are suggesting for a move towards 18000-18100 levels. Technical support is a 17400. If this works then it may be a buy with moderate stop loss for a move towards desired target. I still advise caution before derivative expiry. Any surprise move can spoil technical charts. 

27 June 2016: Nifty Elliott wave analysis: Is this fall an opportunity to buy or opportunity to exit in any recovery? Last hope 7930 !!!!

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

For 27 June 2016: -

On 24 June 2016: FII Net Sold – INR 629.14 Crs:  DII Net Bought – INR – 114.94 Crs

So I say that it was a great wash out on Friday and after a long time event has favoured me the way I have predicted. It was more like a gamble. Big question is what is coming next. Although I have booked my shorts on Friday itself but I am convinced that market will fall more.

My ultimate target is 7700-7600 levels.

This is just the beginning of end of euro zone. They have solved the problem. Let me clear my view – problem is not a unified business zone like euro zone. Problem is a unified currency which is euro itself. Sooner or later, euro will be disposed. This is only solution. When will this happen? It is beyond the scope of prediction.

For today’s trading session I am expecting market to open on weak note but this is going to give a pause in fall. Technical support will be at 7930 levels. On higher side 8100 may be a tougher resistance. I may not opt trading today if market goes range bound. I have already done enough for the month. Remember, this is expiry week.

Does this means that Britain will exit from European Union? I see a high possibility. 

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.

To take good advantage join paid services.

Strategy for Nifty June future – I had advised short only for high risk taking traders. It was not for all but many had added short and earned good. It was on the wake of stiff resistance at 8300+ levels. Now for the day if it breaks and sustain below 8000 levels again then we can see further test of lower levels. I strong suggest to trade with extreme caution. Chances are high for fresh down move but expiry week used to throw surprises.  

BANK NIFTY – It has rebounded from 16900 and gave good closing levels but I still suggest that banking index can suffer fall unless it goes above 18100 levels. Technical charts are suggesting that if it sustain below 17400 then we can see retest of 17900 levels. Below 17900, it can see another wave of sell off. Is this fall an opportunity of fall? 

24 June 2016: Nifty Elliott wave analysis: Will BRITAIN exit from European Union? Brutal answer may come at 11:30 am.

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

For 24 June 2016: -

On 23 June 2016: FII Net Bought – INR 81.87 Crs:  DII Net Bought – INR – 203.56 Crs

I definitely do not want to be active before big events. BREXIT is on such event where world is watching with great curiosity. Final result will come at 11:30 am. Well, this is not going to be tradable at all. Remember, it will give greed based trade which has nothing to do with technical move. May be, I may opt to trade short on adverse outcome.

For today’s trading session I am expecting market to open on cautious note with some fall or may be big fall based on the current situation at that time. As long as Nifty is below 8300 I will be shy from market for any trade. My charts are saying for a possible fall.

Does this means that Britain will exit from European Union? I see a high possibility.  

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.

To take good advantage join paid services.

Strategy for Nifty June future – I am in wait mode to trade. Technically, my choice is to trade on short side unless market takes out the crucial 8300 levels with great confidence. I may not opt to trade for first two hours. Let us see the outcome. Do not trade in greed. It will invite market man to commit mistake.

BANK NIFTY – I am not so firm on BANK NIFTY yet. Technically, it has yet to cross 18100 levels to think for trading long. It has good support at 17400 which was informed earlier. I added long on Nifty from lower levels by seeing BANK NIFTY low only. Now the time is ON. Either break on higher side or break on lower side. Chances are higher that direction will be on downside. 

23 June 2016: Nifty Elliott wave analysis: Caution on BRIXT decision. Nifty decisive support = 8130 !!!

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

For 23 June 2016: -

On 21 June 2016: FII Net Sold – INR 41.10 Crs:  DII Net Bought – INR – 361.34 Crs

I was right that market may undergo in choppy mode. Technically, Indian market may go in a phase of underperformance compared to global indices. I have strong caution for bears. A down move can get first small confirmation only if Nifty can see closing below 8130 levels. So till that time market is on choppy to dull note. Market is definitely looking for outcome BRXIT.

For today’s trading session I am expecting market to open on dull note. It will face immediate resistance at 8260 then 8280 and then finally at 8300 levels. We are moving close to derivative expiry and that can make market uneasy at some point. Stocks look better than index which is suggesting for some fuel left in the market. I am clear that I will not trade long.

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.

To take good advantage join paid services.

Strategy for Nifty June future – I am in wait mode to trade. Technically, my choice is to trade on short side unless market takes out the crucial 8300 levels. My choice will be a soft to positive opening with top near 8350 levels. Then we can expect a choppy trade. This choppy trade will cause fall in second half. If this strategy works then one can get 50-60 points of on short side.

BANK NIFTY – I am not so firm on BANK NIFTY yet. Technically, it has yet to cross 18100 levels to think for trading long. It has good support at 17400 which was informed earlier. I added long on Nifty from lower levels by seeing BANK NIFTY low only. Now the time is ON. Either break on higher side or break on lower side. Chances are higher that direction will be on downside. 

22 June 2016: Nifty Elliott wave analysis: We cannot short as long as it is above 8200. If it sustain below 8200 then a soft down is possible.

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

For 22 June 2016: -

On 21 June 2016: FII Net Bought – INR 484.66 Crs:  DII Net Sold – INR – 335.53 Crs

I booked my long yesterday itself in very first few minutes. Well, why Indian market has failed to perform yesterday? I must say that eyewash policy will not going to help in any way. It is bitter true that Indian corporate earning is not raising and this can makes market odd. Indian media is giving a reflection that Indian economy is rising best in the world which is far away from reality. Wait for my quoted wave “C” to realize the reality.

For today’s trading session I will take a fresh position. If it sustains below 8200 then chances are higher that I may take a short deal. Are we going to test 8000 this time? Well, market is not giving any great clue for direction. It can be either soft down or soft up. I will prefer to trade on soft down or a strong up. Resistance of 8260-8280-8300 will be applicable.

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.

To take good advantage join paid services.

Strategy for Nifty June future – I covered my long trade at 8230 itself and then moved out of market on anticipation of choppy day. I was right. If it breaks 8190 then we can expect soft 30-40 points of downside. I cannot expect more that this magnitude as of now. Technical resistance will remains at 8260-8280 levels.

BANK NIFTY – I am not so firm on BANK NIFTY yet. Technically, it has yet to cross 18100 levels to think for trading long. It has good support at 17400 which was informed earlier. I added long on Nifty from lower levels by seeing BANK NIFTY low only. Now the time is ON. Either break on higher side or break on lower side. Chances are higher that direction will be on downside. 

21 June 2016: Nifty Elliott wave analysis: As long as it is above 8200 we can hope for 8300 by it is not going to be easier.

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

For 21 June 2016: -

On 20 June 2016: FII Net Sold – INR 537.46 Crs:  DII Net Bought – INR – 724.06 Crs

Raghuram Rajan departure was compensated by announcement of reform. Will it really work? Well, it will not be easy work for any RBI governor. Current NDA government has just one agenda and they want to be good on it. Eliminate everyone who does not speak your language. Whatever problem comes just go on denial mode and that’s easiest. I can guarantee that very soon a heavy price is to be paid for economy. I am a trader and I take my own opportunity.

For today’s trading session I may opt to cover my long which I invoke yesterday at 8145 levels. I am already getting good by seeing a possible reversal which has confirmed later. Once again, as long as it is above 8200 we will live possibility of 8300 levels. Let us see what comes.

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.

To take good advantage join paid services.

Strategy for Nifty June future – I have added long at 8145 and I got a gain by closing minutes. This is fine so far. Technically, as long as it is above 8210-8220, it can extend its gain. Equally, if reversal has to come then also this is an only possible suitable level. Failure at top may generate a sell and hence I advise strong caution.

BANK NIFTY – I am not so firm on BANK NIFTY yet. Technically, it has yet to cross 18100 levels to think for trading long. It has good support at 17400 which was informed earlier. I added long on Nifty from lower levels by seeing BANK NIFTY low only. Now the time is ON. Either break on higher side or break on lower side. 

17 June 2016: Nifty Elliott wave analysis: Once again Nifty may test of 8200. Technical support will come at 8100-8050.

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

For 17 June 2016: -

On 16 June 2016: FII Net Sold – INR 156.75 Crs:  DII Net Sold – INR – 163.00 Crs

Yesterday’s fall after gap down has again turned as retest of support. This is still good as it has confirmed that 8050 will work as good support. I have not traded short in this fall. In fact we traded long yesterday from lower levels. My conclusion remains same. A pull back is in shape again to give a test towards 8300. If fall has to come then it will come later on.

For today’s trading session we can expect the market to open positive as indicated by SGX Nifty. It can hit levels above 8200 by today’s session again. I must say that 8200-8240 will be the tougher zone of resistance. I may opt to trade long in intraday dip but only if it can maintain intraday support.

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.

To take good advantage join paid services.

Strategy for Nifty June future – I gave up my long yesterday in very first minutes of trade near 8175 and recollected by long at 8110 to book profit near 8160. This gave me good edge. If makes me feel that if nifty can able to sustain above 8200 then we can expect some good rise. Trading support will emerge at 8170 for intraday.

BANK NIFTY – I still need to see above 18100 then only we can expect some rise. If it can sustain above 18100 then we can expect levels to hit around 18500 as banking stocks may lead market. Technical support is at 17750-17650. Now, it may be decisive. If down trend has to start then it can start only below 17400. Let us see.    

16 June 2016: Nifty Elliott wave analysis: As long as it is above 8200 levels then we can expect 8300 levels.

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

For 16 June 2016: -

On 15 June 2016: FII Net Sold – INR 108.23 Crs:  DII Net Bought – INR – 234.10 Crs

I came out of my short and added fresh long yesterday above 8150 and this gave us good. It should be noted that 8050 support saved and confirmed in this recent fall. Now, market is again trying to generate momentum on higher side. It may again try to challenge 8300 levels. Who knows it may give a test this time.

For today’s trading session we can expect the market to open flat to positive. As long as it is above 8200 it is in the strong hand of bulls. We can expect a trading support at 8160-8150 levels. Current pattern is suggesting that we can expect good rise if global situation goes favourable. First challenge will emerge at 8240 and then we can expect something big.

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.

To take good advantage join paid services.

Strategy for Nifty June future – I have added long at 8150+ levels. It has closed above 8200 and this can be capable to turn to a strong buy. If this happens then Nifty June future can hit 8280-8300 levels. I am not suggesting short even if it maintains 8170-8160 levels. Yesterday was just first day of rise. We need a follow up buying.

BANK NIFTY – Banking stocks used to run on news flow. It has never broken 17400 and now it will have a meaningful resistance at 18100 levels. If it can go above 18100 then we can expect some good rise. Now, trading support will emerge at 17800 levels. I am not going to trade this index. Let us see if this can go above 18100. 

15 June 2016: Nifty Elliott wave analysis: 8050 was last hope and so far working very well. Strong short to come below 8050. Else- Dead session.

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

For 15 June 2016: -

On 14 June 2016: FII Net Sold – INR 113.36 Crs:  DII Net Sold – INR – 32.27 Crs

We need to accept that bulls are on their best to save 8050 support levels hence I moved out of my shorts. Now, I am on wait and watch mode. If I see the possibility of break below 8050 then only I will add short again else I may be on side line. Do I have scope to buy? Well, it may be but I am not very keen looking on crucial indictors.

For today’s trading session we can expect the market to open flat to down. Weak bulls are still in the system and hence I do not see that downside is over but 8050 is on task. This gave me a sense that market may turn choppy before taking decisive move. If it works then 8200 is a possible if it fails below 8050 then we can see 7900 very soon. Looking on the possibility of choppy session, I am out of trade right now.

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.

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

Strategy for Nifty June future – I exited my shorts at 8120 after the gain of 130 points on Nifty. I tried few more but exited immediately and not forward anything. If I have to short then I need another good sell signal or a good buy signal. I do not think that we can get a buy easily any more. For short, we have to wait. Wait for the break below 8060-8050.

BANK NIFTY – I still stick on my point. Do not buy. Wait for a good sell signal. It gave up at crucial 18000 levels and corrected towards 17500. This is now enough so far. If it breaks 17400 then only can see panic like sell off. I am definitely expecting the sign of correction below 17400. No levels are safer to trade long. We can expect weakness even if it go higher. Something will come to hurt market badly for one day in this week. 

14 June 2016: Nifty Elliott wave analysis: The last hope for bulls is at 8050. Below 8050 expect 7900.

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

For 14 June 2016: -

On 13 June 2016: FII Net Bought – INR 212.24 Crs:  DII Net Sold – INR – 597.83 Crs

Optimistic people will say that Nifty has saved 8050 and closed above 8100. One may add that it has Doji pattern for traversal. Well, nothing is going to be easier anymore. Even if I accept that 8050 is going to be crucial support then also we can say that it can break. Sooner or later it is going to happen.

For today’s trading session we can expect the market to open down and may be below 8100. Immediately it can hit levels of 8060-8050 to retest support. It will face resistance on higher side at 8150 levels. It is going to be very interesting now. If it breaks the way I am thinking then we can see a big day of fall this week. If market can sustain below 8100 then we can see some long unwinding. Longs are still in the system.

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 am maintaining short from 8250 levels. It hit around 8080 but recovered by 50 points yesterday from lower levels. This does not make too many senses. I may prefer to trade short only. I am expecting levels below 8000 once it breaks 8070 levels. It can happen today or tomorrow or any day this week.

BANK NIFTY – It gave up at crucial 18000 levels and corrected towards 17500. This is now enough so far. If it breaks 17400 then only can see panic like sell off. I am definitely expecting the sign of correction below 17400. No levels are safer to trade long. We can expect weakness even if it go higher. Something will come to hurt market badly for one day in this week. 

13 June 2016: Nifty Elliott wave analysis: Weekly target can go as low as 7900. Do not buy dip anymore.

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

For 13 June 2016: -

On 10 June 2016: FII Net Bought – INR 201.32 Crs:  DII Net Sold – INR – 165.62 Crs

I had advised strong caution on Friday and it has closed below 8184 levels. It is very likely to see levels of 8100 levels. It looks like that my desired target will come by opening minutes itself. I need to re-evaluate my levels for weekly target. Down side will be prime direction for this week. Worse case target can go as low as 7900 levels.

For today’s trading session we can expect the market to open down to big down. I am expecting 8100 to be tested by very minutes of trades. If it broke 8100 levels then one can expect levels of 8000 very sooner this week itself. I do not see any levels safer for buy anymore. Technical charts are confirming for the pattern of short term top again.

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 am maintaining short from 8250 levels. It looks like Nifty will thrash below 8130 by opening itself. If it has to take support then it will support at 8130-8120. If it fails then we can see this going below 8080-8060 anytime is quick time. Pain unwinding on long position is expected very sooner. Do not buy any dip or rise.

BANK NIFTY – It gave up at crucial 18000 levels and corrected a little. If I am right then we can expect a big trading move in today’s trade. We can expect levels to hit around 17400 in price correction. On higher side 18000 may act as zone of stiff resistance. I must say that Bank Nifty is not as weak as Nifty. If weakness hits then Nifty should see first sell.

10 June 2016: Nifty Elliott wave analysis: Below 8184, expect Nifty to hit 8130-8100 levels. Friday Caution is ON for BULLS.

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

For 10 June 2016: -

On 09 June 2016: FII Net Bought – INR 234.20 Crs:  DII Net Sold – INR – 317.74 Crs

Tiredness governed on Nifty and it has slipped. Take a note that 7 EMA is at 8200 where market has closed. Now, if it breaks and sustain below 8200 then correction can hit levels towards 8130 as of now. Today is Friday and market is likely to hit lower but only if it can sustain below 8184 which is yesterday’s low. Nifty will face stiff trading resistance at 8250 levels.

For today’s trading session we can expect the market to open flat. It may go around 8184 levels again to test support. If market closes below 8184 then we can see good confirmation for upcoming correction. Time is on and correction is expected to hit. I still repeat that current moves are sending enough confusion over tiredness and consolidation. Let us see.  

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 – Well, the moment it broken 8250, it never were able to regain and hence closed on weak note. Now, if Nifty goes below 8200 we can expect 1% immediate cut. I hope that today is going to be a day for big red followed by yesterday’s fall. Now we can expect a strong sell to emerge. Wait for weakness and hit bullseye.

BANK NIFTY – It gave up at crucial 18000 levels and corrected a little. If I am right then we can expect a big trading move in today’s trade. We can expect levels to hit around 17400 in price correction. On higher side 18000 may act as zone of stiff resistance. I must say that Bank Nifty is not as weak as Nifty. If weakness hits then Nifty should see first sell.

09 June 2016: Nifty Elliott wave analysis: Nifty may looks tired but sending enough move to make confuse with consolidation. If up-move comes after consolidation then target is 8575.

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

For 09 June 2016: -

On 08 June 2016: FII Net Bought – INR 529.16 Crs:  DII Net Sold – INR – 257.76 Crs

So far hardly market is moving on any great tradable note. It has just one achievement that it is sustaining above 8250. It has just not sustained but still showing desire to move up but I am afraid that fuel is running short. This kind of moves does not give any pleasure to trade index. I still see 8340 as a possibility unless it breaks 8200.

For today’s trading session we can expect the market to open higher. It may go around 8300 levels again to take an attempt for 8340. I must repeat that there is no single sign of weakness yet although it looks tired. If it breaks 8340 barrier then 8575 is also possible. Is this a tiredness or consolidation for another up move? We cannot make easy distinction. Let us see. It is safer to trade running stocks rather than touching Nifty.

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 –Well, it may misguide but, to some extent it can be another breakout situation if it can surpass levels of 8330 levels. This is not impossible situation. Above 8330, it can invite short covering. So far, market is not on decisive mode to trade. Technical support stands at 8250 levels. Trade may not be easy in choppy sessions.

BANK NIFTY – I retain my views in this choppiness. I have quoted for 400 points up move above 17700 which it has done yesterday after RBI policy. Now, Bank Nifty is on 18000 marks and momentum is still strong and hence it is opening another scope of rising wave. If this works in favour of bulls then we can expect levels of 18300-18400 but this is not going to be easy deal. Who knows top may come in that range only. 

08 June 2016: Nifty Elliott wave analysis: 8300 was on task but fuel is still ON for bulls. It may catch 8340 also.

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

For 08 June 2016: -

On 07 June 2016: FII Net Bought – INR 499.73 Crs:  DII Net Bought – INR – 46.33 Crs

Policy day ended in a good way with some profit taking at top. Well, it gave us intraday opportunity to trade but I refuse to take any overnight deal. I have quoted for 8300 levels as a possibility and it hit a high at 8295. It is definitely not the time to say that top has done. Momentum is still on and market is still looking with some fuel to move up. I strongly advise caution too. Good part is that we have done with 61.80% retrenchment mark at 8250 levels. Next logical target on Fibonacci series can be 8575.  

For today’s trading session we can expect the market to open higher. It may go around 8300 levels again to retrench before a decisive up or decisive down. As long as it holds 8200 I cannot think to forward shorts. We can hope for a better trading day ahead. Above 8300 we may see a move towards 83400 to squeeze shorts.

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 – We went short at 8305 and booked at 8275. I did not trade the rise but I am convinced with the rise after seeing that close. Well, it may misguide but, to some extent it can be another breakout situation if it can surpass levels of 8330 levels. This is not impossible situation. Above 8330, it can invite short covering.

BANK NIFTY – I have quoted for 400 points up move above 17700 which it has done yesterday after RBI policy. Now, Bank Nifty is on 18000 marks and momentum is still strong and hence it is opening another scope of rising wave. If this works in favour of bulls then we can expect levels of 18300-18400 but this is not going to be easy deal. Who knows top may come in that range only. 

07 June 2016: Nifty Elliott wave analysis: We are on policy day. Market to decide direction based on outcome. High chance of Top formation at 8275-8300.

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

For 06 June 2016: -

On 03 June 2016: FII Net Bought – INR 28.30 Crs:  DII Net Sold – INR – 230.63 Crs

We are on policy day and finally the day comes. We saw six trading sessions goes as waste. Nifty is just here and there at 8200 levels. Wildest thing in this market is expectation. I d o not speculate on expectation. Rate cut may come or may not come. I have no idea this too as I was wrong on many time on predicting events. I can suggest what charts are saying.

For today’s trading session we can expect the market to open higher. It may go above 8240 which is a lower band of decisive resistance. Resistance zone is 8240-8275. If this fails in this zone then I may say that short term top has done again on policy day. Well, I can just hope that we can get a direction and we can get a big day to trade. I was expecting 8300-8340 to be the top before or on policy but it seem that my target will remain short by some margin.

If I am right then we may see levels of 8300-8340 before RBI policy but this may not be easy one. I expected this to happen even on Friday. It is interesting to see how market will react on top today. At one glance we can say that one should avoid shorting unless something big happens near top for intraday. Will something big happen? Technical support is at 8150-8160.

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 can again say that market may not be productive till 11 am as market man prefer to wait for policy out-come. Technically, 8280 is a resistance and market may open on optimistic note. There is no point to take trade based on speculation. Wait for RBI policy to come as it can give a direction. I must remain that there were occasion when direction after policy outcome reverted in 2 hours only. In most such cases it resulted a short term top.

BANK NIFTY – It was better than Nifty for last trading session but not better in tern of resistance. It is still near resistance of 17700. Any breakout can cause 400 points of rise. Key goes with the outcome of RBI policy. I am not trading this index so far. Time has come. It has to perform better than Nifty in both cases. Either up or down. 

06 June 2016: Nifty Elliott wave analysis: Another attempt for 8300 before RBI policy tomorrow. Only short covering can cause big rise.

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

For 06 June 2016: -

On 03 June 2016: FII Net Bought – INR 1585.01 Crs:  DII Net Sold – INR – 393.21 Crs

We are just day away from RBI’s next monetary policy review. This is going to be very first RBI policy for RBI governor after political attack. It is interesting to know the outcome. Market has no great expectation this time but political pressure is something that can rule. Bank nifty has performed better than Nifty. Well, today may be another dull day just like past week.

For today’s trading session we can expect the market to open flat. If market has to move then it can move with possibility of outcome of RBI policy. Technical set up is for a dead day. It can be just little up or little down.

If I am right then we may see levels of 8300-8340 before RBI policy but this may not be easy one. I expected this to happen even on Friday. It is interesting to see how market will react on top today. At one glance we can say that one should avoid shorting unless something big happens near top for intraday. Will something big happen? Technical support is at 8150-8160.

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 traded short on Friday and earned very little. If market opens higher above 8260-8274 and it remains there then we can see levels of 8340 by today itself. It needs to sustain above 8260 for some time. Market next wave of rise will depends on short covering by trapped bears. They will give at some point and that point will be top.

BANK NIFTY – It was better than Nifty for last trading session but not better in tern of resistance. It is still near resistance of 17700. Any breakout can cause 400 points of rise. Will it happen today or tomorrow? Key goes with the outcome of RBI policy. I am not trading this index so far. Time has come. It has to perform better than Nifty in both cases. Either up or down. 

03 June 2016: Nifty Elliott wave analysis: Will Nifty hunts for 8300-8340 before monetary policy review? If it wants then today must be the day.

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

For 03 June 2016: -

On 02 June 2016: FII Net Bought – INR 521.85 Crs:  DII Net Sold – INR – 576.86 Crs

I traded long in last 45 minutes yesterday. I cannot say that it has broken the range but I can say that it has given a sense that it can break the range on higher side. We cannot anticipate the outcome in such advance way. I still quote that Nifty is like to make a test of 8240-8275 range before reacting to this rally. We have a possibility that we will get only a time-wise correction. We may not get price correction so easily.

For today’s trading session we can expect the market to open up. So far, the week is dull. We traded a soft intraday long and chances are there that we may pick to trade long only. market is eyeing for the outcome of next monetary policy.

If I am right then we may see levels of 8300-8340 in momentum. It can be an over shoot situation for target. It is interesting to see how market will react on top today. At one glance we can say that one should avoid shorting unless something big happens near top for intraday. Technical support is at 8150-8160.

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 traded long but I still fail to see great breakout on higher side but I have a high hope for today. If market opens higher above 8260 and it remains there then we can see levels of 8340 by today itself. If not 8340 then a nearby levels may be a great possibility. As long as Nifty June future is above 8200 do not opt short easily.   

BANK NIFTY – This index is still disappointing even on rise in index. Technical charts are suggesting that above 17700 we can hope for 18000 but this move will not give much pleasure to the traders. Now the time is on. If it has to happen then it will happen today. Else, it may try to pick policy day to react in full extent. I am repeating what I said in the month of April. A short term top is bound to come on every policy day. It may be the case this time too. 

02 June 2016: Nifty Elliott wave analysis: Threshold support for short term trend goes at 8080-8060. We may be on decisive day.

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

For 02 June 2016: -

On 01 June 2016: FII Net Bought – INR 259.90 Crs:  DII Net Sold – INR – 160.49 Crs

It turned another dull day as expected and as anticipated. I have quoted for resistance at 8240 levels which has worked so far. Worse goes with bank nifty which has given early sign of price correction. Now, we can be on decisive day before upcoming monetary policy review next week. Political cartel has definitely pressurized RBI governor for rate cut. What will he do now? Current NDA government has presented their ugly part their economic agenda. Perhaps, they have no agenda except talking big. Sooner, this policy paralysis will hurt and cause another big down wave.

For today’s trading session we can expect the market to open flat to up. So far, the week is dull. We have not traded index so far this week. Even for today I have same expectation. Market may remain dull with trading resistance at top near 8240-8270 levels. If I see it going towards my desired resistance then I may opt trading short on higher levels unless it goes above 8240 levels.

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.

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

Strategy for Nifty June future – I am unable to see any decisive move even now. We cannot see any great move even today. Do not trade if market goes like this. Threshold support goes now at 8080. As long as it is above 8080 we cannot expect decisive profit taking either. Time correction goes in favour of bulls so far. Let us see what is going to happen next.  

BANK NIFTY – This is index is disappointing at top. Well, as expected it has broken 17500 and it has first sign of short but this is not so firm signal where I can trade with confidence. 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. 

01 June 2016: Nifty Elliott wave analysis: Time correction continues as an impact of sharp rally. As long as Nifty is above 8000, we cannot see down.

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

For 01 June 2016: -

On 31 May 2016: FII Net Bought – INR 114.52 Crs:  DII Net Sold – INR – 60.28 Crs

Well, so far nifty is on consolidation. I am marking a crucial moving average on chart, i.e. 7EMA. This is running at 8040 levels now. As long as it is above 8040 we cannot say for any reversal in short term trend. It is consolidating at higher end as of now. What is going to be outcome of this consolidation? Well, basics are suggesting that if index stay higher after a rise then it is likely to move up further.

For today’s trading session we can expect the market to open flat to up. So far, the week is dull. We have not traded index so far this week. Even for today I have same expectation. Market may remain dull with trading resistance at top near 8240-8270 levels. If I see it going towards my desired resistance then also I have scope of trading long. Well, but I am also not very confident and hence I have not added any position. Choppy days are cause of low resistance and market may dull even today.  

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.

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

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 behaves at top. I am expecting levels of 8240 or 8270 as a top before correction but we failed to see any such decisive move.

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.