30 November 2016: Nifty Elliott wave analysis: Shall we trade long? My answer remains same – IGNORE rise and be safe!!!

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

30 November 2016: -

On 29 November 2016: FII Net Sold – INR 715.30 Crs:  DII Net Bought – INR – 534.20 Crs

Well, Nifty turned shy at 8200. I can say that market has not able to find buyer at 8200 yesterday. This gave us a sense that 8200 may turn decisive today. I am not very optimistic. It is my strong view that Indian market get an extended recovery due to good rise in US market which has compensate the bad sentiment. Currents developments are suggesting that we should not expect the expected rate cut in December.  

For today’s trading I am expecting a flattish start. I just do not want to participate long in the zone of 8150 to 8200 levels. My view is simple that if market wants to take a turn then it can be the level. Sooner or later it will take a turn. Technical support is at 8100 and the next support is at 8050 levels. Let us see which support will get respect and which resistance will come in to play.

This remains part of my article. We may be under bear market till 31^st March 2017 and what I am talking is a pullback of bear market on medium term wave count. Someone asked me if global market is up how can Indian market be down? Well, that’s the way and that’s what Elliott wave has convinced me.

I am just writing my view and I am least interested in learning or sharing so please do not make sure request.

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 December future – I can still say I will not be buyer at or near 200 DMA. I am expecting 8220 as decisive resistance. Technical support is far away and that it only at 8120 and then at 8070 levels. I am still not clear for a trade. I am getting a sense of some brutal topping out sooner or later.  

BANK NIFTY – My views remains same for BANK NIFTY. I can repeat that resistance is at 18700 only we are too far from that level. Hence, it is time to just watch. I am not in favour of taking trades at this levels which is not giving me certain buy or sell yet. We may not see much action in coming few days. Do not touch this index to trade. If there is a trade then it can be just long side from lower levels. Big question is what can be that lower levels. 

29 November 2016: Nifty Elliott wave analysis: 200 DMA is at 8157. Strong caution is advisable from higher levels.

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

29 November 2016: -

On 28 November 2016: FII Net Sold – INR 1436.40 Crs:  DII Net Bought – INR – 1233.79 Crs

I am avoiding this level to be active. We are near to 200 DMA which is at 8156. If we have to see reactions on market again then it can come anytime sooner here. In my view market will not have big reasons to move up further. I want to decisive for next course of action. An up from here or a down from here will be taken keeping a view for upcoming monetary policy review. I am expecting only choppy moves here which may not be suitable to trade. There is no substantial sell even though we are on resistance.

For today’s trading I am expecting a flattish start. Market may not do much at these levels. It is advisable not to trade unnecessarily in choppy zones. We may not able to see good range on index to trade index although some stocks may be very active. Technical support is at 8070-8050 as of now. On higher side 8160 is the levels which like to watch.  

This remains part of my article. We may be under bear market till 31^st March 2017 and what I am talking is a pullback of bear market on medium term wave count. Someone asked me if global market is up how can Indian market be down? Well, that’s the way and that’s what Elliott wave has convinced me.

I am just writing my view and I am least interested in learning or sharing so please do not make sure request.

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 December future – Near to 200 DMA I do not want to be active without any significant signal to trade. Technical resistance is expected to emerge at 8180-8200 levels only. In down side we can expect support to come at 8080. Unless it stays below 8080 there cannot be sell. I am expecting some more choppy sessions before monetary policy review.

BANK NIFTY – I can repeat that resistance is at 18700 only we are too far from that level. Hence, it is time to just watch. I am not in favour of taking trades at this levels which is not giving me certain buy or sell yet. We may not see much action in coming few days. Do not touch this index to trade. If there is a trade then it can be just long side from lower levels. Big question is what can be that lower levels. 

25 November 2016: Nifty Elliott wave analysis: Global sentiments is saving fresh fall in Indian market. Fall to come sooner or later.

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

25 November 2016: -

On 24 November 2016: FII Net Sold – INR 2010.15 Crs:  DII Net Bought – INR – 1648.22 Crs

I will say that expiry was rather better than what I was expecting. Low for Nifty was just at 7953. Well, we have last day of the week and beginning of new month series. If Indian market is getting support from lower levels then key reason is global sentiment which is better than expected. US market is flying at newer high. If correction hits in US market then Indian market may be in worse shape. DJIA has seen a massive 1200 points rally in past 20 days and this still continues.

For today’s trading I am expecting a flattish start which may turn on decisive mode again for bulls and bears. My expectation is that market may not able to save for longer time. No bounce can sustain at higher levels just like it has witnessed in past few days. In clear sense it has denied the bounce in price recovery. This is just a time based consolidation. 8100 is a resistance and 7900 is a support.

This remains part of my article. We may be under bear market till 31^st March 2017 and what I am talking is a pullback of bear market on medium term wave count. Someone asked me if global market is up how can Indian market be down? Well, that’s the way and that’s what Elliott wave has convinced me.

I am just writing my view and I am least interested in learning or sharing so please do not make sure request.

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 December future – There were many attempts for 8100 in past few days but all has failed at top. Technical support is at 7980 levels. Well, I am not suggesting one should participate in any kind of rise as those are not convincing yet. Even if the rise comes then also it will be of very nominal magnitude. If trading range remains limited then do not participate in trade. There cannot be any trend in 20-30 points of nifty.

BANK NIFTY – I will rather say recovery has not convinced me at all. Technical charts are justifying for another round of sell off. If this happens then we can hope for the retest of 18200-18000 levels very sooner. It can be as sooner as today only. On higher side 18700 will act stiff resistance levels. We can see sell off in the month of December too. 

24 November 2016: Nifty Elliott wave analysis: Derivative expiry may go wild in favour of bears. My expectation is 7930-7900!!!

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

24 November 2016: -

On 23 November 2016: FII Net Sold – INR 1023.12 Crs:  DII Net Bought – INR – 1254.67 Crs

Bear market is the one where recovery comes in timid ways like the way we are seeing this on Nifty. Technical charts are justifying the resistance of 8100 but Nifty remains far away from those levels. We have derivative expiry today and this day is known to be a day of havoc. I feel that market may not favour bulls anymore now. If I am right then Nifty can close on lowest point on this month expiry. It may go as low as 7900 levels.

For today’s trading I am expecting a negative start today as market has already failed to breach resistance yesterday even after best of efforts. This makes me to believe after reading short term wave count. Elliott short term may not work every time but it is showing us a possibility of 7900 for expiry day. Let us see. I will not be very active on expiry day as usual.

This remains part of my article. We may be under bear market till 31^st March 2017 and what I am talking is a pullback of bear market on medium term wave count. Someone asked me if global market is up how can Indian market be down? Well, that’s the way and that’s what Elliott wave has convinced me.

I am just writing my view and I am least interested in learning or sharing so please do not make sure request.

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 December future – I was expecting 8100 and at one time it was coming close to the given levels but in last minutes sell off it has washed again. Now it is looking for a soft start. Technical support is at 8000-7980 levels. If it is likely to test of break those levels. If it breaks 7980 then we can expect levels of 7930-7900 in quick time. Today is derivative expiry and hence take a word of caution on my views.

BANK NIFTY – I will rather say recovery has not convinced me at all. Technical charts are justifying for another round of sell off. If this happens then we can hope for the retest of 18200-18000 levels very sooner. It can be as sooner as today only. On higher side 18700 will act stiff resistance levels. We can see sell off in the month of December too. 

23 November 2016: Nifty Elliott wave analysis: First resistance for relief rally is at 8100.

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

23 November 2016: -

On 22 November 2016: FII Net Sold – INR 692.85 Crs:  DII Net Bought – INR – 1075.20 Crs

If one compares Indian indices with global leaders like US then one can feel the pain. To me, it seems like Indian market is getting support of global sentiments. Please note that US indices are on all-time high. Equally, it was heavily oversold. We are on derivative expiry week and we have derivative expiry next week. We should get bounce but I have waited long for this technical recovery but failed to capitalize it. Finally, I gave up long attempts on tiring mode. It seems that majority of the recovery may come when I have no position to bet on recovery. I am still unbiased.

My views remains same, a recovery deserve at this point of time but this will be a bear market recovery. This force me to believe that market will not extend much and will not sustain longer. The minimum of my expectation is 8100 which I think that should be catchable. I have a view that the way November is going we may get uncertain December too. Presenting views on market is one thing and converting view in to trades can be even tougher.

For today’s trading I am expecting a positive start as indicated by SGX Nifty. Do not misinterpret. It is a mixed impact of oversold zone and all-time high in US market. A simple expectation is 8100 and a fall to resume sooner.

Well, take a note – we may be under bear market till 31^st March 2017 and what I am talking is a pullback of bear market on medium term wave count. Someone asked me if global market is up how can Indian market be down? Well, that’s the way and that’s what Elliott wave has convinced me.

I am just writing my view and I am least interested in learning or sharing so please do not make sure request.

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 December future – I am expecting a bounce but this can be a bear market bounce. I started adding puts of December month in order to capitalise fall. If I have to capitalise rise then I will do it used index future only. I am sensing for many more gaps coming in the days to come. Technical resistance for Nifty December future is at 8100 levels. Near to derivative expiry, I do not prefer to trade.

BANK NIFTY – Well, a bounce is deserve but this bounce may not be impressive to trade for recovery hence I am changing my strategy. Previously, I was trying to capitalise recovery but I think that it is better to be short side which can be just a major trend. Moves against main trade should be ignored. Technical support is only at 18000 levels which will break sooner or later. 

22 November 2016: Nifty Elliott wave analysis: A relief rally can be just a bear market bounce. I need a strong magnitude for bounce.

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

22 November 2016: -

On 21 November 2016: FII Net Sold – INR 1310.82 Crs:  DII Net Bought – INR – 1211.01 Crs

This is overdone for even me who said for this fall. Global market remains up to firmly up and Indian market is on panic note. Well, I cannot say that fear is without any reason or it is unnecessary. Fear should be there and we have enough reason to be fearful. Impact of currency demonetization will sustain for at least two quarter on economy. I am already seeing a possible slowing down in economy in near term. Such steps are good for long term.

Let us see the technical set up. We have a medium term recovery wave from 6800 to 8900 and we are almost on mid-point of the recovery. Who would have expected this way. Well, its market way. 7900 should act as technical support if 8000 has not worked. We are going to get the answer today if we can get the support and bounce.

For today’s trading I am expecting a positive start. Can we able to see a gap up? Please take a note that we not only need a gap up but also a bull’s gap up for any kind of reversal in trend. This may not be easy in this kind of environment. Technical support will be at 7900 levels. Unless it can stand above 8050 we cannot say that pain is over. A bounce is needed for fresh fall. Hope for a bounce now. It will be a bear market bounce.  

Well, take a note – we may be under bear market till 31^st March 2017 and what I am talking is a pullback of bear market on medium term wave count. Someone asked me if global market is up how can Indian market be down? Well, that’s the way and that’s what Elliott wave has convinced me.

I am just writing my view and I am least interested in learning or sharing so please do not make sure request.

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 November future – I am expecting a bounce but not claiming so far. We have derivative expiry this week and it will be interesting week to see market closing. Technical support for Nifty November future will be at 7930-7920 zone. If this can open and sustain above 8000 then only can able to see some days of relief. One should use any relief rally to exit any kind of long position or to exit investment.

BANK NIFTY – well, from 18000 levels also if recovery is not coming then it is giving a scary picture of the days to come. I am expecting a bounce but I am equally saying that nothing can give much relief to bulls. One should trade long time to time for bounce but one need to be on short side most of the time in coming months. 

21 November 2016: Nifty Elliott wave analysis: Will Nifty test 8000 or will Nifty break 8000?

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

21 November 2016: -

On 18 November 2016: FII Net Sold – INR 926.32 Crs:  DII Net Bought – INR – 1143.42 Crs

I have a simple comparison to show trouble for Indian market. S&P USA has all time at 2193 and it is still at 2182 now. We have all time high at 9100+ and we are now near to 8100. Do not think that this under performance is an opportunity to buy. It is reverse. It may be opportunity to sell. Never think that all indices in the world will necessarily move parallel to each other.

Let, us focus on Indian indices. Nifty is failing to take support at 8100 with is giving an alarm for the test of 8000 levels. I am still not saying that bounce will not come. What I am saying is that market is failing to give a sign of bounce and shorting without bounce is giving a higher stop loss. Hence, we cannot trade long or short at current levels.

For today’s trading I am expecting a flat opening but I am not very convinced for the bounce yet although I have soft long on index which I may give up. Let us see if we can get support or Nifty will hit 8000. What market is needed as booster dose is – Rate cut. If bounce comes from 8000 levels then also it should give some remarkable recovery based on wave’s formation.

Well, take a note – we may be under bear market till 31^st March 2017 and what I am talking is a pullback of bear market on medium term wave count. Someone asked me if global market is up how can Indian market be down? Well, that’s the way and that’s what Elliott wave has convinced me.

I am just writing my view and I am least interested in learning or sharing so please do not make sure request.

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 November future – I have no trade on index right now. I am expecting a recovery based on Elliott wave levels but we have no concrete sign so far. If slide continues then it can be bleeding. 101% this may not be time to do many adventures. I cannot say about exact levels for support. It may be at 8050 or 8000. Depending on outcome I will decide by next course of action.

BANK NIFTY – I have no great view on Bank nifty. I am not that firm on my view for bounce now. Today is the last day. If it comes then it is fine else I may look to trade short. This may not be easy to short without any bounce but traders will not left with many choice. Below 19000, who knows what kind of levels will start to come.     

18 November 2016: Nifty Elliott wave analysis: Currency demonetization will have impact on upcoming Q-results. Max 8200-8300 then 7500 is my expectation.

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

18 November 2016: -

On 17 November 2016: FII Net Sold – INR 983.93 Crs:  DII Net Bought – INR – 1144.15 Crs

This is the impact of currency demonetization will have impact on quarterly number. This is the fact that market is now scared about. Well, I am expecting technical support to emerge in between 8050-8000 but so far I am unable to see any sign of revival. If this goes in this way then one has to prepare for a massive slide. I have already said that this can be bear market pullback which may be denied.  

I am not very convinced with technical signal for bounce but I am convinced with one clue for not shorting without bounce. Technical support for the day is at 8050-8000 levels. Sooner after a pullback Nifty will be hunted by bears for 10% dip from the top of pullback levels. Roughly it can be 7500, which I am seeing for 31^st December 2016. Figures can be worse than my expectation.

For today’s trading I am expecting a flat opening but I am not very convinced for the bounce yet although I have soft long on index which I may give up. Let us see if we can get support or Nifty will hit 8000. What market is needed as booster dose is – Rate cut.

Well, take a note – we may be under bear market till 31^st March 2017 and what I am talking is a pullback of bear market on medium term wave count. Someone asked me if global market is up how can Indian market be down? Well, that’s the way and that’s what Elliott wave has convinced me.

I am just writing my view and I am least interested in learning or sharing so please do not make sure request.

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 November future – I have a soft long on Nifty from yesterday but I may not hold my long too long. I may give up today. I am expecting a recovery based on Elliott wave levels but we have no concrete sign so far. If slide continues then it can be bleeding. 101% this may not be time to do many adventures. I cannot say about exact levels for support. It may be at 8050…

BANK NIFTY – I am not that firm on my view for bounce now. Today is the last day. If it comes then it is fine else I may look to trade short. This may not be easy to short without any bounce but traders will not left with many choice. Below 19000, who knows what kind of levels will start to come.     

17 November 2016: Nifty Elliott wave analysis: Short term wave counts are giving hint of pullback but not confirmed to tradable extent yet.

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

17 November 2016: -

On 16 November 2016: FII Net Sold – INR 1957.04 Crs:  DII Net Bought – INR – 2344.31 Crs

I am advocating for a long term down trend from past one year. So far, market is not up. Well, but I am not saying that short term or impulsive recovery may not come. At current levels, we have a short term wave count which is giving hint for recovery in index although this may not be very impressive. At least, we should avoid shorting at these levels. 100 points here and there is very much possible in uncertain picture.

I am not very convinced with technical signal for bounce but I am convinced with one clue for not shorting without bounce. Technical support for the day is at 8050-8000 levels.

For today’s trading we are going to see flat opening after many days. I am expecting trading support at 8050 and 8000 levels. I may opt trading long from lower levels if comes. On higher side we are too far from safer levels. We may not see anything great for bulls unless Nifty go and close above 8240. Well, take a note – we may be un bear market till 31^st March 2017 and what I am talking is a pullback of bear market on medium term wave count.

Someone asked me if global market is Up how can Indian market be down? Well, that’s the way and that’s what Elliott wave has convinced me.

I am just writing my view and I am least interested in learning or sharing so please do not make sure request.

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 November future – I have no trade as I am doing intraday only. Nifty November future can able to take support at 8100 in opening minute but technical supports are just few before 8020 levels. Caution needed for first half. I may opt adventurous buying from lower levels same as I did yesterday from 8130,

BANK NIFTY – I stick on my works. 19000 should not take out so easily. Now it can open around 19200 as per my expectation and that something which can be proven disaster for overnight long. Hope you are not. Technical set is suggesting support around 19000 for a bounce. Well, I can say that a bounce may be just one bounce. I am not denying the possibility of another ugly picture of technical set up.    

16 November 2016: Nifty Elliott wave analysis: I do not recommend short at lows due to gap down formation. Now gap up is coming.

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

16 November 2016: -

On 15 November 2016: FII Net Sold – INR 2353.82 Crs:  DII Net Bought – INR – 104.83 Crs

Well, it is little overdone due to multiple gap down formation. I must say that this market will fall more and more but not without bounce. People asked me many times how can I say that long term trend has chances. Just witnessed that nifty failed @ 8900 and came at 8000-8100. No matter what are the reasons in Indian but it has done. On other side, no single global market went down like this.

This is how chances trend and this is what we have forecasted. I am issuing a fresh signs of “WARNING” for investment. Indian market will be under threat till 31^st March 2017. I am not saying that I will not trade long in between this period but I am saying that overall trend will be down. You are going to witness what is happening once in a decade.

For today’s trading we are going to see gap up opening to compensate gap down. Well, you cannot time your trade in this kind of environment. What one need is to limit the trade and try to play safe unless one get strong signal. I took some small call options yesterday but that did not work. Unfortunately those will open with a strong up tick. It does not matter if I miss opportunity. I do not want to burn money in uncertainty.  

Someone asked me if global market is Up how can Indian market be down? Well, that’s the way and that’s what Elliott wave has convinced me.

I am just writing my view and I am least interested in learning or sharing so please do not make sure request.

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 November future – I have no trade although I was on right track yesterday. Technical will not have many answers if we get wild gap formation. I will take fresh decision on it. I feel that technical support will emerge at 8180-8160 levels. If I have a choice then my choice will be buy in dip. Although I am repeating that bounce will not be impressive.

BANK NIFTY – I stick on my works. 19000 should not take out so easily. Now it can open around 19200 as per my expectation and that something which can be proven disaster for overnight long. Hope you are not. Technical set is suggesting support around 19000 for a bounce. Well, I can say that a bounce may be just one bounce. I am not denying the possibility of another ugly picture of technical set up.    

15 November 2016: Nifty Elliott wave analysis: Do not short at 8150-8200 without meaningful bounce.

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

15 November 2016: -

On 11 November 2016: FII Net Sold – INR 1493.27 Crs:  DII Net Bought – INR – 64.72 Crs

Market has closed on weakest point for the last week of trade. It is definitely is note which I can name as PANIC note. What’s the cause? Believe it or not market men are afraid of 500 and 1000’s currency roll back. This is a possible and perhaps a big factor although market should not consider it this deeper directly. Well, but economy is and economy will simple go in some kind of silence due to limited retail spending.

What’s technical set up for the day.

For today’s trading we are going to see another massive gap down. We have opening of 8200 in line now. From this point, I strongly suggest do not short without any bounce. I am expecting a bounce from levels of 8200-8150. Well, stop loss might not be very clear, which is very usual phenomenon in this kind of panic like sell off. I am equally suggesting that market has no sign of back on bull run very sooner.

Someone asked me if global market is Up how can Indian market be down? Well, that’s the way and that’s what Elliott wave has convinced me.

I am just writing my view and I am least interested in learning or sharing so please do not make sure request.

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 November future – I have no trade. I feel bad about this. Well, not too bad as I have no long. I am passing the uncertain days. Opening may go around 8200 or 8230. I am expecting a bounce but I cannot quote levels.

BANK NIFTY – Now it can open around 19200 as per my expectation and that something which can be proven disaster for overnight long. Hope you are not. Technical set is suggesting support around 19000 for a bounce. Well, I can say that a bounce may be just one bounce. I am not denying the possibility of another ugly picture of technical set up.    

11 November 2016: Nifty Elliott wave analysis: A big GAP down coming after recovery maybe big sign of trend reversal on medium term wave count.

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

11 November 2016: -

On 10 November 2016: FII Net Sold – INR 733.49 Crs:  DII Net Bought – INR – 639.19 Crs

8600 Nifty is my old quoted resistance. I have already said yesterday that higher levels are the resistance for this recovery. We started our activities on 8500 put options. We have added 8500 put yesterday in second half. Last hour dip was sufficient signal for a possible sell off.

Was it not a surprise like BREXIT? 101% yes. We saved ourselves and our subscribers from the state of shock.

Now, it’s the turn for technical. 8600 may remain possible top for the time begins although we may see frequent test of 8600 in months. Cross over may not be easy.

For today’s trading we are going to see a massive gap down. We have put options to enjoy but I am not suggesting fresh deal after gap down. I may prefer to exit my put option. Technical charts were giving a retest of 8400. Remember, a sharp cut day before yesterday has demolished many technical support. We may see reaction of that fall in the days to come.

I am just writing my view and I am least interested in learning or sharing so please do not make sure request.

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 November future – I have 8500 put from the levels below 65. If I get some good gain which I am expecting then I will make exit to close trades for this week. I am not very keen in shorting from lower levels. I advised caution at higher levels yesterday and today I am advising caution at lower levels. Do not get trap by being bearish at bottom. If you do not have short from yesterday then it is advisable not to trade today.

BANK NIFTY – Well, 20200 was more than what I was expecting. It is something which has performed better than any index. Technical charts are suggesting that it has entered in the zone of resistance and we can see a fall after gap down too. I am not active on this index yet neither have I wanted to be. Let us see how it takes support if it takes on some bottom.   

10 November 2016: Nifty Elliott wave analysis: So it’s done for the shock and 8000 has saved. Can market come back to normalcy?

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

10 November 2016: -

On 09 November 2016: FII Net Sold – INR 2095.00 Crs:  DII Net Bought – INR – 1116.31 Crs

Fine, it says that market goes in shock and came out of shock in just one day. We picked a Nifty call option to hunt this opportunity. It’s a new day and a new world now. Donald Trump is going to be president of USA. To be honest, I have my personal opinion that world will live on the edge of uncertainty. The new US president is unpredictable. He can do what no one can think. Even he cannot.  

Was it not a surprise like BREXIT? 101% yes. We saved ourselves and our subscribers from the state of shock.

For today’s trading session I am keeping my view open for trade. Yesterday I was bullish for intraday. Day before yesterday, I was bullish for intraday. I was mostly bullish for intraday but I was never sure for overnight development. Shall I be bullish today?

No, maybe not. From the charting point of view I can say that it has done the impact of H&S pattern and now, it is ready to test n-line again. Another thing, some traders want tome to disclose Elliott wave count. Well, once again I am repeating that it starts unnecessary debate and affects my trading and hence I do not. It does not matter what I say, bullish or bearish, I will disappoint half of the crowd. Many times, for the sake of learning, people try to impose their views on me.

I am just writing my view and I am least interested in learning or sharing so please do not make sure request.

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 November future – For yesterday, I said that market may recover from 8100-8050 and it took “U” turn. This suggests me for a high flier action on Nifty and hence I picked 8400 call. Well, I have exited form this call at higher levels. I have no forward position on Nifty. I will take fresh deal from here after. It may be on up side or it may be on down side. I am looking for rise in first half which will come as extension of recovery.

BANK NIFTY – What a bounce yesterday and it gave first signal of recovery. Technical charts are suggesting that we can expect levels of 19800-20000 in the process of recovery. I still maintain a buy call for first half of the day. Second half will depend on its reaction at higher levels. It may be down. 101% be cautious at higher levels.  

09 November 2016: Nifty Elliott wave analysis: MODI’s effect and Trump effect – giving shock to stock market. Be ready for 8000 !!!

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

09 November 2016: -

On 08 November 2016: FII Net Bought – INR 86.66 Crs:  DII Net Bought – INR – 294.06 Crs

Fine, it’s a desired bounce which was expected from 8400. I have said for the soft bounce. We capitalized yesterday’s rise and exited almost on top in last 15 minutes. My prime reason for not forwarding long was US presidential election. I am ready for surprise like BREXIT. I said this yesterday and surely I was hinting for Trump victory. It does not matter who wins but right now Trump is on lead. This is what was quoted yesterday -

“What’s our call on presidential election? If Hillary Client wins market will respond positive. If trump wins market will respond with a fall. Who will win? Be ready for surprise like BREXIT”.

For today’s trading session I need to count support and resistance from the levels of 8300 or may be from 8200? Well, 8200? One can definitely ready my previous days analysis and 8200 was well quoted. Fine, I am not ready to buy in shock mode here.

Today, DO NOT TRADE. It’s just going to be expert’s job. I will participate if needed. Else, even I am not going to trade.  Technical support is 8200 and then straight 8000. Its just not curbing black money, its Trump effect too.

HOPE I AM CLEAR WHY FOLLOWING WARNING CALL REMAINS A PART OF MY ARTICLE FROM MANY MONTHS. Read it 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.

Strategy for Nifty November future – Thinking to catch falling knife? Well, I may opt this kind of intraday adventure but I am not very sure. I am right now saved trade who has no position. I am just going to follow basic. Levels …………… may be 8100 or 8050.   

BANK NIFTY – I am expecting 18000 on opening minutes itself. What else can I write? Shall I buy? I may opt but that’s not a sure call. Note that I may have a plan to buy but I am not confirmed. I need a technical signal. If not then I am happy with no trade. 

08 November 2016: Nifty Elliott wave analysis: US prudential election fever is at its peak. Global market remains uncertain over speculation. NIFTY support = 8480 !!!

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

08 November 2016: -

On 07 November 2016: FII Net Bought – INR 311.18 Crs:  DII Net Bought – INR – 779.86 Crs

Nifty took a bounce from low of 8400 and we got a gap up. It is making trend up again but events are strongly suggesting me to stay away. Well, it may take a gap up again and I kept waiting for a fall to enter in to rally. Right now, it is my anticipation that Nifty can take a hit around 8600.

What’s our call on presidential election? If Hillary Client wins market will respond positive. If trump wins market will respond with a fall. Who will win? Be ready for surprise like BREXIT.

For today’s trading session I am advocating for buy but it looks like it will be gap up again. I hate gap when I am not on trade. Technical support for nifty is at 8480 and on higher side it can touch around 8600 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.

Strategy for Nifty November future – I pass yesterday without trade on index although I should make entry in last minutes of trade. Fine, I am not worried so much. I may get opportunity today also. If things work then I will add long on dip and then I will target for 8620 on higher side.  

BANK NIFTY – Just as I said for Nifty, I am expecting bullish for BANK NIFTY too. I may be more bullish on BANK NIFTY. If I am right then 19500 to 19700 will be the possible range for higher side. If market favours bulls then we can expect levels like 20000 very soon. May be this week itself.  

07 November 2016: Nifty Elliott wave analysis: My anticipated bounce may go in gap up opening. First view- buy in pull back.

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

07 November 2016: -

On 04 November 2016: FII Net Sold – INR 343.30 Crs:  DII Net Bought – INR – 1089.86 Crs

Nifty hits 8400 as a dot. Well, it was in line with my expectation. I was expecting a subsequent bounce from levels near to 8400. It seems that major part of the bounce will be missed due to gap up opening. This is something which is beyond control. I have no position on index as of now and I need to plan my trade depending on gap up. Shall I try to buy top or shall I wait to add long? It will be too tough call.

For today’s trading session I am expecting market to open around 8500 and this is I am expecting by looking SGX Nifty. 101% it will not be easy to trade after gap up and especially if it comes around 8500. On safer side I suggest that one should wait for some time to judge. I hope that it can give some lower levels for trying some long. It is my honest confession that this is just my hope and technical has yet to support my view.

Elliott was giving 8400 or nearer and a bounce. Sentence is simple but not easy to convert in to trade.

Read this long term analysis 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.

Strategy for Nifty November future – I tried a long on Friday and booked on flat note. I was anticipating a bounce but this bounce is coming in gap up form. This kind of moves irritates most. Technical support will come at 8480 after gap up. Let us see if it can give some trade or not. So far my view is trading long on pullback and near to support with thin stop loss.

BANK NIFTY – From levels of 18800 BANK Nifty may have many short term support and we saw low near to 18900. On higher side we can expect a possibility of 19400-19500 in the bounce. I cannot exactly quote where to buy. So far my view is that we should trade long from any pullback. Although, this may not be easy deal.     

04 November 2016: Nifty Elliott wave analysis: Market to respond GST. Technical support is at 8480-8500. If not then straight at 8400.

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

04 November 2016: -

On 03 November 2016: FII Net Sold – INR 706.77 Crs:  DII Net Bought – INR – 534.98 Crs

Nifty is running below 8500 and I can say that it is here and there at 8500 levels. Technically, we can say that we are still on make or break levels. I am still not favouring adding short. Well, it depends on today’s trade. If this can sustain below 8500 then we may be on the threat of fall.

For today’s trading session I am expecting market to open flat to downside. If this can breaks the levels of 8500-8480 then I strongly suggest avoid any kind of long trade. It may prove to be falling knife. I still believe that market should not fall without bounce but there is no such signal of bounce yet. Straight support after 8500-8480 is at 8400 levels. Will market able to make a new support?

Read this long term analysis 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.

Strategy for Nifty November future – I do not have any trade now. I am waiting for a clear direction to trade on index. I hope that I can get it today. May be, I have a soft call on bounce but I am not very sure and hence it is not a call yet. Definitely, on unusual weakness I will opt trading short.

BANK NIFTY – It came at 19200 levels but it has not done much after opening and confirming that it is not going to give up so easily. Technical charts are suggesting for a down move but there will be lot of resilience. I do not prefer shorting from current levels without any bounce. I am expecting a bounce but there is no signal for recovery yet.  

03 November 2016: Nifty Elliott wave analysis: It is hitting 8500 levels. Now it is on make or break levels. Do not short without bounce.

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

03 November 2016: -

On 02 November 2016: FII Net Sold – INR 667.37 Crs:  DII Net Bought – INR – 407.27 Crs

Well, finally it came near to 8500 as low came as 8504. Technical charts were already suggesting this move from past two weeks and I gave enough warning from long position. Now, we are on a day were it is going to give “Make or Break” move.

It is likely to see opening around 8500 levels. Rest depends on development afterward. If it breaks 8500 on decisive basis then we can expect some panic move. I have a strong warning that Nifty can hit levels of 8200 to 8000 sooner or later.

For today’s trading session I am expecting market to open flat to downside. If this can breaks the levels of 8500 then I strongly suggest avoid any kind of long trade. It may prove to be falling knife. Well, my anticipation is that it should not break 8500 so easily. Who knows one more bounce left in this market.  

Read this long term analysis 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.

Strategy for Nifty November future – I do not have any trade now. I booked my short at 8560 which I added at 8670. Then I traded long from 8540 to book at 8565 levels. Afterward I am on side line. I have to take fresh call on trade. I am expecting support at 8500-8520 levels. Can it revive? This is a big question. Let us see. Technical charts are still bearish without any sign of recovery. It is going to be fight between hope and technical.

BANK NIFTY – It came at 19200 levels but it has not done much after opening and confirming that it is not going to give up so easily. Technical charts are suggesting for a down move but there will be lot of resilience. I do not prefer shorting from current levels without any bounce. I am expecting a bounce but there is no signal for recovery yet.  

02 November 2016: Nifty Elliott wave analysis: Time come for NIFTY to my desired target at 8500 levels. A make or break levels.

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

02 November 2016: -

On 01 November 2016: FII Net Sold – INR 123.96 Crs:  DII Net Bought – INR – 192.10 Crs

I was little impatient yesterday with my short deals due to impulsive rise. It is just too hard to hold nerve every time with choppy mode. Finally, I rectified my mistake and added short in last hour of trade and forwarded. Meantime I missed opportunity to add more short which I had planned earlier. This is what a choppy mode can do. Fine, it is a part of trading life and no harm in accepting this. What matters most is that I still have short position.

Here comes SGX Nifty which is now down by 80-90 points. So I need to believe that it can come very close to 8500. I have warned for this possibility too many times in past few days. Well, will it save at 8500 or not that will be answered during trading session only.

For today’s trading session I am expecting market to open on down to very very down. Technical support will at 8500 which will be trend decider. I have a very very strong warning. Nifty can see slide and a big slide in November months. Remember, I refuse to buy anything on Diwali day.

Read this long term analysis 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.

Strategy for Nifty November future –I had a short from 8645 which I booked at 8690 in few although I had a plan to average at 8690. Well, I did this mistake in emotion. I added short again @ 8670 which I had forwarded. Well, begin emotional is not advisable on trading but not being emotional is not realistic. I am looking for support at 8550 to 8520 levels. I may opt to book in my desired levels. I want to look how it trade below 8520 levels.

BANK NIFTY – It has slipped below 19500. This may give a signal at 19200 levels. I want to see a gap down. Take a note; you may not have chance to trade short for fresh. Technical charts are suggesting that bounce or no bounce BANK Nifty may take a hit towards 18700 sooner or later. Wait for meaningful bounce and then add short for medium term. Please note that above is not the trading view. 

01 November 2016: Nifty Elliott wave analysis: Nifty support is at 8580 and then at 8500 levels but today may be a dead session.

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

01 November 2016: -

On 30 October 2016: FII Net Sold – INR 106.77 Crs:  DII Net Bought – INR – 13.15 Crs

Welcome back after a long weekend. Global market is not much negative but Indian market may not find good support with the beginning of this week. I must say that current formation is suggesting strongly for a move towards 8500 but I am unable to see the momentum picking towards this level. Charting is showing a narrowing wedge formation as well as a possible H&S is also visible.

I am again quoting that 8500 is a key support which is likely to break sooner or later. I am not accepting that 8600 may have any meaning now. I have a firm believe that if it breaks 8500 now then market will open scope for levels of 8200-800 which is based on H&S pattern developing. Well, we require more confirmation.

For today’s trading session I am expecting market to open on dull note. Technical support will emerge at 8600 but that’s psychological. Although, it will be safer to expect market taking support at 8580 before decisive fall. I am not quoting any higher resistance as it will be at 8700 levels only.

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 November future –November future contract has closed around 8630 on Diwali day and it is looking to keep opening quote on the same levels itself. Technical support will be at 8600-8580 levels. A confident short may emerge below 8580 which looks little far from now. On higher side 8680-8700 is a zone of resistance and equally a possible short point.

BANK NIFTY – 19500 keeps the key with itself. I suggest ignoring what has happened on expiry day. Market will start giving up very sooner at support levels. Technical charts are giving a sell to a strong sell if we start seeing below 19500 levels. My anticipated target is at 18700 which are based on Elliott wave count. I am extremely as I cannot publish my wave count as those starts unnecessary debate. Very recent, traders try to convince me to be bullish at 8800+ levels.