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.