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.

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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.