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.