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.