12 July 2016: Nifty Elliott wave analysis: 8500 will be on hunt now. Remember, Fibonacci target is at 8575!!!
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understand this article completely.
For 12 July 2016: -
On 11 July 2016: FII Net Bought – INR 1155.80 Crs: DII Net Sold – INR – 610.57 Crs
We may see opening around 8500 levels on nifty now. Technical charts
are suggesting that market may surpass 8500 levels and 8575 may be on hunt by
this week itself. The time for big move is still on and we are getting those
anticipated moves. Do not make shorting in this kind of market where tops are
too far to form. I have already talked for the possibility of 9000 levels. It must
come much sooner than expected.
After looking to this structure and then way market has refused to
break below 8000 even in panic we can say that market is preparing something
big. This big think can be as big as 9000-9100 levels of Nifty. I see such
great possibility hence bears must be cautious.
For today’s trading session I am expecting market to open positive to
very strong positive. Remember I am expecting as big as 9000 very sooner. Nifty
has sustained well above 8400 without any sign of pullback. Technically it can
move higher and higher. Participation from banking stocks are encouraging.
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
– One should prepare for another gap formation. Add long and hold long moves
will continue. SGX Nifty is suggesting for opening in the range of 8520. If it
can sustain above 8520 then we can see short covering rise towards 8600+.
Prefer for this.
BANK NIFTY – Finally, moves
above 18100 has started. Now I see the possibility to hit 19000 levels. Technical
charts are suggesting that 19000 will come sooner than my expectations. I
market favours then 20000 is also within reach. Opss!!! 20000? Yes, I am right
in my words. I may prefer to boost my expectation and desire. Greed will key
for Indian market. Medium term charts are suggesting that 17770 will not break
so easily now.
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