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.
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