You must read previous articles and watch the given chart carefully to
understand this article completely.
For 09 September 2016: -
On 08 September 2016: FII Net Bought – INR 111.41 Crs: DII Net Sold – INR – 587.43 Crs
It is facing resistance at higher end. This rise is stronger and it
may just a pause seeing the momentum. Take a note that this has happened near
8700 levels too but market has advanced. Well, it may have greater chance of
making a top around current levels but we need a good confirmation. What can be
good confirmation? It may be a strong sell off or nearly 100 points in just one
day. We are still missing such kind of day to name top as final top. A side
wise market is not a sign of shorting yet.
For today’s trading session I am expecting market to open on flat note
but situation is once again same. Nifty is likely to face resistance at 8960 to
9000 levels. I am seeing a possible reversal but so far it is my hope and I am
unable to see good and concrete signal.
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.
Strategy for Nifty September
future – I am still inactive on Nifty future to deal. This sort of odd
30-40 points has no great meaning for trade. Technically, if Nifty September
future can break levels of 8930-8920 then only we can able to see first sign of
weakness form current levels. If not then we cannot think to trade long either.
Today is Friday and let us see if Friday factor works.
BANK NIFTY – I am no great
take on bank nifty. It has surpassed 20000 marks and came near to 20500 kind of
levels. Technically it may go near to levels of 20800 levels. It is banking
index which is giving great push to blue chip index in past few trading days.
There is no sign of topping yet. The momentum continues we can see levels of
21000 also very easily.
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