30 December 2016: Nifty Elliott wave analysis: Concluding trading day of 2016 = Hope to be bullish!!!

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

30 December 2016: -

On 29 December 2016: FII Net Sold – 662.29 INR Crs:  DII Net Bought – INR – 957.83 Crs

Expiry date used to be a puzzle to solve. I was expecting a expiry below 8000 but it maintains the positive zone though out the day. That drives me to add long for second half rise and it worked well. We capitalized 8000 call option in this process. Closing has meaning as it went above 8100 levels. I am not expecting this to give up so easily as very recently market has denied fall.

Take a look we are on the same situation with the beginning on January series where we were in December series. I can hope that it should not go like December series where first half was dull.

For today’s trading I am expecting that market will go on vacation mode on the New year eve. This used to happen every year. Participation is likely to be less and hence trading range may be narrow. Well, if it comes then we can expect some higher levels. Technical support will be at 8060 levels. There is one situation which can bring uncomforting. Remember, 7916 was a previous low and market went up after breaking the low on decisive way. So, picture is we have lower low.

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 January future – I am not in the mood to be bearish on contra view at least for today. Technical says that market has potential to be up to entering in New Year. Let us see if this works. If this works then Nifty January future may gain by 100-150 points more before seeing any remarkable profit taking. So far, this is my view only. It has not converted in to trade.     

BANK NIFTY – It has closed above 18000 levels and that great way to start new series. Off the low is always a favourable situation. Technical support will remains at 17900 and on higher side it can challenge resistance levels of 18300 levels. Time is on let us seeing if this works today.  

29 December 2016: Nifty Elliott wave analysis: Expiry day can be another shocking day. Very likely to see below 8000.

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

29 December 2016: -

On 28 December 2016: FII Net Sold – 527.06 INR Crs:  DII Net Bought – INR – 824.84 Crs

8100 is a high point on dot and it was quite expected. Well, high was good but closing turn worse and giving a sense that market has done with its recovery. We have derivative expiry for this month series. I am expecting that expiry should go below 8000 levels. Is this alarming expiry? I am not taking any view for January month so far but expiry is likely to be on weak note.

Usually, top and bottom used to be that levels where market does not used to stay. Recent top and bottom used to trade for more than expected time on intraday basis. It looks like market reverse every time after conviction.

For today’s trading I am expecting opening on weak to dull note. Technical support is at 8000 levels. If it breaks and sustain below 8000 levels then we can expect levels to go much lower under the expiry effect. Expiry day cannot be within the scope of prediction and I do not like to trade this day. Technical resistance is only at 8100. Somehow expiry is almost dull on month to month move. Still, second half of this month turn eventful and I am expecting the impact to be greater today.

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 January future – Nifty January month future is likely to be open around 8040 levels as indicated by SGX Nifty. Technical support is at 8030 to 8020 levels. If this breaks this support range then it has higher chance of giving up of 50-60 points. This is likely to happen in second half if it has to come. On higher side only 8100 and 8120 is meaningful resistance.  

BANK NIFTY – BANK NIFTY has also given up yesterday and closed on the levels which can be alarming. Technical support is at 17750. If it breaks 17750 then we can again expect lower levels. Can we expect things to be so easily on expiry day? Well, it may not be. Some tricky moves are very much likely. Technical resistance is at 18000. 

28 December 2016: Nifty Elliott wave analysis: Shocked with BOUNCE? We may see more such shocking moves.

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

28 December 2016: -

On 26 December 2016: FII Net Sold – 712.17 INR Crs:  DII Net Bought – INR – 1502.41 Crs

Well, I was hoping for a bounce to mild bounce and we got a massive bounce in second half, especially in last one hour. So has it not proved that market has trapped those who went short on the break of 7916, ideally a break of lower low? I came off my shorts on the break of 7916 and added long. Fine, I am not forwarding any long as we are close to expiry.

Whatever we have seen yesterday was the impact of expiry and a big trap. Be aware, such moves with goes against technical may continue. Market will convince one for the direction and then it will reverse. Call it fall again? It is too early to say but nothing is impossible.

For today’s trading I am expecting an encouraging opening again which will invite bulls to take a play but rise should not be as good as yesterday. I have no plan to trade today as I have played the long deals yesterday only. if I have to trade then I will definitely trade long only. Chances are that we will not see any fall today but I must warn I am use to be less correct near to expiry or you can say that this is my fear days. Technical support is at 7970 and on higher side even 8100 is not impossible till tomorrow.

Technical momentum indicators like MACD is giving a clear sell which is saying that this fall may have more pain. This is my medium term outlook.

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 January future – I hardly traded Nifty Future in December month. I may opt to be aggressive on January month trade as this is going to be decisive. Take a note that global market may not be very active. Technical support is at lower end and a clear direction may come next week but this is up so far. It has chance to hit 8100+ levels with technical support at 8030 and next at 8000 levels.

BANK NIFTY – BANK NIFTY bounce is expected to continue. Technical support may emerge at 17750 levels. I am expecting a test of 18000+ levels to invite greed. I cannot say the outcome of greed levels. May be, it will work in favour of bears. We have seen rise and rise is expect to continue for today.

27 December 2016: Nifty Elliott wave analysis: From 7900, 7850 support and a bounce to mild bounce may hit. Do not short at these lows.

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

27 December 2016: -

On 26 December 2016: FII Net Sold – 1095.04 INR Crs:  DII Net Bought – INR – 1065.39 Crs

I have posted a chat analysis which is giving a clear picture for next 3 to 6 months of trade. Have a look we can see the development of another H&S pattern in formation. What a target which is reflecting on this chart i.e. 6800. Will it be a reality? Yes, I strongly believe on this target. Elliott wave were showing from long back.

What Elliott wave is showing for December month expiry? Well, it has already done the minimum limit. 7900 has done although it was 4^th wave count on short term wave count which used to be tricky and choppy.

For today’s trading I am expecting a bounce to mild bounce and then a fall again in next two days. Take a note that we are on N-line and bulls will give their best to hold this levels. Technical levels for support are at 7890 kind of levels and then next support is at 7850. On higher side resistance is at 7970. I am not expecting 8000 anytime sooner now. Let us see. Near to expiry I used to be inactive.

In true sense market has not factored any negative factor yet it has yet to react on index levels. It looks like optimism has saved the Indian market which was and which is an exit opportunity.

For today’s trading I am expecting a negative opening with words of optimism but those are useless. I am expecting another down day. I am expecting support only at 7916 although we may have trading support at 7950 which used to come every time it had broken 8000. 

Technical momentum indicators like MACD is giving a clear sell which is saying that this fall may have more pain.

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 hardly traded Nifty Future in December month. I left this month purposely as I do not trade much on counter trend moves with Nifty future. Time to trade Nifty future came late now. Today is Tuesday and just two days away from derivative expiry. I am expecting a mild bounce. I have very small quantity of 7900 call from yesterday. I like to see what market is going to do. It can be either choppy or up.  

BANK NIFTY – BANK NIFTY Future is now near to 17600 and this may be a place for small bounce. It has not shaped yet for bounce but it may come today due to over sold nature of indices. Well, I have believed that bounce may get sold at higher levels. Should I short without a bounce? No, I will not. Let us see how this shapes up. Take a note. 101% expiry price will shock everyone. Bulls or bears?   

23 December 2016: Nifty Elliott wave analysis: How long can it save 7916 levels? It has to break sooner or later.

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

23 December 2016: -

On 22 December 2016: FII Net Sold – 614.40 INR Crs:  DII Net Bought – INR – 319.79 Crs

Finally, Indian market has denied all strength of global market and slipped lower. It was just one flat day on global indices. We are coming close to derivative expiry and I feel that market is still much higher than the expected levels. It is giving all signs that Nifty will break the lows of 7916 sooner or later. I can still say that we have not seen the panic in the market yet. If it has to form bottom then it will form with a panic only. Market must go nervous before quarterly earnings.

In true sense market has not factored any negative factor yet it has yet to react on index levels. It looks like optimism has saved the Indian market which was and which is an exit opportunity.

For today’s trading I am expecting a negative opening with words of optimism but those are useless. I am expecting another down day. I am expecting support only at 7916 although we may have trading support at 7950 which used to come every time it had broken 8000.  

Technical momentum indicators like MACD is giving a clear sell which is saying that this fall may have more pain.

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 – We may get opening dull but it will be below 8000 levels. If it can sustain below 7960 then we can expect levels of 7900 sooner or may be by today only. Technical resistance will emerge at 8030 levels. Friday before expiry used to be impressive day.

BANK NIFTY – So finally it has broken all supports and coming at 17900. If I am right then I am expecting derivative expiry coming as bad as 17300. Well, it can be reality if bounce fails to come. It is my wild expectation that bounce may not come now. Let us see what it going to happen next. Today is Friday and lots of action expected. 

Nifty 22 December 2016: My view remains same - PANIC below 8050 on NIFTY!!

Nifty 22 December 2016: I am unable to update today's view  due to technical problem. My view remains same - PANIC below 8050 on NIFTY!!!

Regards,
Praveen Kumar

21 December 2016: Nifty Elliott wave analysis: Sooner or later 8050 will break. It’s a make or break level.

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

21 December 2016: -

On 20 December 2016: FII Net Sold – 685.93 INR Crs:  DII Net Bought – INR – 418.93 Crs

It’s damn irritating now. I can just say that it’s the day by day improvement on global market which is saving Indian market else we would have been on 7900 levels at least. Yesterday also, it was very near to a break down point but able to manage somehow. Well, even for today we should watch the levels of 8050. Sooner or later it will break to spread panic in the market. Will it break today? I cannot say anything. What I said is that above will happen if it breaks.

For today’s trading I am expecting a flat to positive opening on optimism. I still do not favour much to trade.  I was expecting a break below 8120 to give a level near to 8050. We saw that move but trading confirmation for short trade would come only below 8050 which were saved. Remember, what market is doing is that it used to give odd to very odd bounce to trap all.  

There is just one way – do not trade index. There are stocks which are heading lower which are good to trade. Hope for the best for today. Note it is just my hope for break below 8050. Nifty is doing to best to revive with global market but have a look on indicator like MACD which is giving a hint to a fall in coming few days. It may be today but I cannot spot out exact day.

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 – SGX Nifty is giving hint for dull opening again and global market has done nothing. Technical support will be at 8100. I do not see the possibility of momentum generating in any direction although I believe that if momentum comes then it will be on down side. Let it generate momentum to generate first.

BANK NIFTY – It came first with weak signal and broken 18300 to give a level near 18000 marks but saved then. Well, it should contribute better than Nifty in any fall. I believe that first it will bank nifty which will break. Technical support will be at 18000 which is going to be make or break level. Let us see if this can break. 

20 December 2016: Nifty Elliott wave analysis: Absence of momentum is suggesting that trades should be avoided.

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

20 December 2016: -

On 19 December 2016: FII Net Sold – 535.77 INR Crs:  DII Net Bought – INR – 556.36 Crs

Range bounce activity continues but Nifty came at 8100 levels. We are not dealing on index at all excepting Waiting for break down. Technical support will emerge at 8050 and I am betting on failure of 8050 which is my speculation. Big question is – Is market tradable today? My answer is unless it breaks the range do not trade.

For today’s trading I am expecting a flat opening. I do not have any idea if this can give any great trading range. Technical support looks at 8050 only but it is hard to say that if this can see 8050 immediately today. On higher side 8150 to 8170 will act as resistance. My simple advice is that one should not trade in this kind of market. We are not dealing at all from past four days.

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 – SGX Nifty is giving hint for dull opening again and global market has done nothing. Technical support will be at 8100. I do not see the possibility of momentum generating in any direction although I believe that if momentum comes then it will be on down side. Let it generate momentum to generate first.

BANK NIFTY – My study remains same and my key point is 18300. I cannot trade long unless it takes out 18700 which is not going to be easy. Lower side support is at 18300 and we are close to these levels but can it give this downside easily. Let us see but I am biased towards bears to be bearish. I have yet to take bearish trade on this.

19 December 2016: Nifty Elliott wave analysis: Will is sustain below consolidation lower zone of 8125 to result 8050 on Monday itself?

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

19 December 2016: -

On 16 December 2016: FII Net Sold – 90.36 INR Crs:  DII Net Bought – INR – 30.48 Crs

Nifty hot moved so far for this month. It was at 8190 at the beginning of this month and it is trading in the range of less than 200 points so far and hence it is creating lots of flip flop moves. Technical support remains in the range of 8100 to 8050. This consolidation is longer than enough. My fair expectation is that market should go nervous this week as next quarterly results may go worse from bad now.

I had a simple view for last week that 8275 to 8125 is not the zone to trade. I am expecting this break on downside this week. Although I am quoting actual technical support to come in the range of 8100 to 8050. It is showing that we may remain longer in this consolidation zone.

For today’s trading I am expecting a flat to negative opening. Now, suppose if it breaks and sustain below 8125 then we can see the possible slide towards 8050 levels which is the lower end of support. Will it happen so simple the way I am writing? It may not be. I have a strong believe that it will happen sooner or later. I cannot spot out on which day will this happen but sooner.  

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 – SGX Nifty is showing down tick right now. If opening goes like this which may be below 8120 then it is going to be interesting opening. So, we may have chance to see the down side break of this consolidation zone in the opening. It is crucial to see the follow up trade. If it works then a percent cut is very much possible as of now.

BANK NIFTY – My study remains same and my key point is 18300. I cannot trade long unless it takes out 18700 which is not going to be easy. Lower side support is at 18300 and we are close to these levels but can it give this downside easily. Let us see but I am biased towards bears to be bearish. I have yet to take bearish trade on this.

16 December 2016: Nifty Elliott wave analysis: Be aware of “W” pattern on daily chart. Trading range of 8125 to 8275 is avoidable.

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

16 December 2016: -

On 15 December 2016: FII Net Sold – INR 611.97 Crs:  DII Net Bought – INR – 177.48 Crs

This flip flow continues and goes worse in last trading session. A strong 100 points of bounce from lower levels and that’s in just 15 minutes was much more than enough to shake any bear’s head. Well, hence I was not short at any point on Nifty future. A “W” pattern is visible now which was my expectation. I can say that market is not tradable even today.

It is simple that the range of 8275 to 8125 is not tradable. Can we expect the break sooner? Well, I feel that we can expect the break on down side only but it may happen next week only. It is strongly advisable not to deal many unless clear signal emerges. It is not that 40-50 points of moves are not coming but in is not in line to trade.

For today’s trading I am expecting a flat opening. Thereafter, once again same thing is going to happen, bulls and bears fight which will not come to any conclusion. Without any conclusion I will not participate on market. I can say that one can keep an eye on 8100-8120 support band. If this breaks then only think to trade. On higher side, we are too far from comfort levels.

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 gave a support yesterday at 8120-8100 and Nifty took a “U” turn but gave up a big part in second half. This suggests me that up move will not be easier. Well, I still say that do not trade on dicey signals. “W” pattern will not give fruitful trade. I am expecting fall next week which should be the outcome of this consolidation.  

BANK NIFTY – My study remains same and my key point is 18300. I cannot trade long unless it takes out 18700 which is not going to be easy. Lower side support is at 18300 and we are close to these levels but can it give this downside easily. Let us see but I am biased towards bears to be bearish. I have yet to take bearish trade on this. 

15 December 2016: Nifty Elliott wave analysis: A gap down may be a bear gap down. Expect 8050-8100 as support but this will fail sooner or later.

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

15 December 2016: -

On 14 December 2016: FII Net Sold – INR 632.29 Crs:  DII Net Bought – INR – 210.86 Crs

Well, we have seen three days of flop – flop moves as Monday down, Tuesday UP and then Wednesday down. It must have trapped many. This is the formation of sandwiched pattern in favour of bears and now it is looking like to take a gap down. This is news driven gap down as US fed has hiked bank rate but to me it was expected.

I already had believed that Indian market has pattern which is showing for fall in second half of the month. This is on its way now. All eyes may be on technical support of 8100. Well, it has support range in the zone of 8100-8050. Here, I have a bold view – THIS SUPPORT WILL NOT SAVE MARKET FOR LONG TIME. Sooner or later it has break. Then one can expect the break of 7900 too.

For today’s trading I am expecting a gap down. Market will consolidate near to 8100 on optimism but traders must save them self from this kind of trap which comes in the form of consolidation. It may be same as of part three days only levels are changing. Do we have opportunity to trade fresh on index? No, if you do not have short from past days then do not add without bounce. But yes, one can add short on every bounce.

It is strongly advisable that market may give a top sooner so do not take many long at these levels. December is not going to be comfortable month for trading.

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 am not active on Nifty Future rather I am still active on 8200 put and 7800 put. Well, if this gap down maintains then I may not opt adding short at lower levels. Technical support is at 8120-8100 levels. It is looking like to hit 8050 or nearby levels if momentum comes. I am geeting a feel like seeing a good fall next week also.

BANK NIFTY – This index was clearer than Nifty. It has faced resistance on dot at 18700 and then slipped. Once again I say to keep an eye on 18300, if this breaks then it can hit levels of 18000 again. It may consolidate or it may take some time but sooner or later this is going to happen. Do not trade long unless it takes out 18700 in a confident way.  It looks like it can break 18300 without trade in this gap down. 

13 December 2016: Nifty Elliott wave analysis: Can it break the support of 8150? If yes then it can be eventful day for bears.

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

13 December 2016: -

On 12 December 2016: FII Net Sold – INR 94.45 Crs:  DII Net Sold – INR – 266.20 Crs

Can we say that 8275 will remain the top? Well, so far it looks that yes we should say that. Market is again trading below 200 DMA. This makes a sense that market is unable to push itself much above 200 DMA which is suggesting that market is not ready to take out 200 DMA in decisive way. My short term wave count is saying me that if I take this as five waves fall (which actually is a reality) then this up side comes in 4^th wave which is used to be choppy and dicey. Once this ended then we can expect a brutal fall. I am not in hurry to say for that fall to come today but it will come sooner or later.

Take a note that I have already said that second half of month will definitely belong to bears only. The magnitude of fall can be big and it can be near to 7500. So this market is running on the edge. A question is – what can take this market so dip? Well, I do not know why is this coming? I just know that fall is coming.  

For today’s trading I am not expecting anything as gap down. Market will again try to consolidate in this range which may not give much trading opportunity but it can fall gradually. 8150 may act as support but let us see how can this saved? I can say that meaningful technical resistance is still at 8275-8300 levels. We are not too far from those levels. I am still not saying a firm down for the day.

It is strongly advisable that market may give a top sooner so do not take many long at these levels. December is not going to be comfortable month for trading.

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 – It may not be very interesting day to deal Nifty future as moves on either side is going to soft. I see a technical support at 8160. Will it break? If yes then we can expect something happening interesting for bears. Technical resistance will emerge at 8230-8240 levels but that’s just for intraday. Meaningful resistance is still at 8280-8300 kind of levels. One more day is needed like yesterday.  

BANK NIFTY – This index was clearer than Nifty. It has faced resistance on dot at 18700 and then slipped. Once again I say to keep an eye on 18300, if this breaks then it can hit levels of 18000 again. It may consolidate or it may take some time but sooner or later this is going to happen. Do not trade long unless it takes out 18700 in a confident way.  

12 December 2016: Nifty Elliott wave analysis: 8250 should be trigger for next 1% rise but it may not work.

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

12 December 2016: -

On 09 December 2016: FII Net Bought – INR 200.52 Crs:  DII Net Bought – INR – 289.57 Crs

I have quoted this 50% mark as resistance which can be turning point for market. It has closed above 8250 levels on Friday. Optimism says that let us see if this can stand above this for today. Big question is that if this can sustain above 8250 today or not. If this can sustain then a possible test of 8335 is very likely but I do not see much chance as top may come within few days. I do not have concrete short signal here but this can emerge sooner.

Take a note that I have already said that second half of month will definitely belong to bears only.

For today’s trading it looks like we are going to get a bear gap down opening. It means that this is going to be gap down which will not fill. It is too early to say but if this happens then we may be on the highest point of the month. For today’s trading support is at 8200 and resistance is on 8300+ levels. Do not expect wide trading range today also. It may be limited zone just like Friday even after gap down.

It is strongly advisable that market may give a top sooner so do not take many long at these levels. December is not going to be comfortable month for trading.

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 – SGX Nifty is now trading at 8240 and this makes me feel that 8300 and nearby levels is not going to act as trigger for second rise. I have a small long from this range itself which I have not booked. My first duty is to come out of this long and then I may opt to hunt for top and short. One thing is for sure that if market does not cross 8300-8320 by today or tomorrow then Nifty will head for 8000 levels by this week only. Note that my monthly target is still 7500 levels.

BANK NIFTY – I can say that it has done its target at 18700 and now it is on make or break levels. If this fails at 18700 then we are likely to see a sell off from here. I must say that top has not confirmed yet neither sell has generated but it may emerge today. If this is going to be the case then we can expect a fall towards 18300 levels. 

09 December 2016: Nifty Elliott wave analysis: I am expecting a top near 8300. Do not be buyer at higher levels.

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

09 December 2016: -

On 08 December 2016: FII Net Bought – INR 698.86 Crs:  DII Net Bought – INR – 64.32 Crs

Market is not disappointed after ECB meeting. Well, I can say that global sentiment is firm so far. Global sentiment is firm and one can say that it is saving the possible fall in Indian market. So it is just saving the fall. Based on Elliott wave count I can say that it is going to make a top here and there sooner. It may be the last day of rise which can come today. I strongly believe that a down move will start sooner in second half of the month.

For today’s trading I am expecting this up move to continue if this can sustain above 8250 levels. What can be the possible top point? My anticipation is that top can be near to 8300. I am keeping a room of 20 points as margin of error from 8300 levels. Technical support is at 8200 levels. As long as it is above 8200 we cannot get any firm sell signal but sell signal can emerge from higher levels.

It is strongly advisable that market may give a top sooner so do not take many long at these levels. December is not going to be comfortable month for trading.

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 – SGX Nifty is now trading above 8280 and we will see opening around those levels. Nifty Future can come around 8300 but much extension may not be possible. Technical support is at 8230 and then at 8200 levels. I have a soft forwarded long which I will give up at higher levels. We have yet to decide if we can think of shorting at higher levels.

BANK NIFTY – I need to repeat that above 18300 it can chance of hitting 18700. Below 18300 it can open room for 18000 levels. If a firm move has to come then it should settle above 18700 levels. Can we expect this kind of strength sooner? I do not think so. This can be a better instrument for fall rather than betting for a rise. 

08 December 2016: Nifty Elliott wave analysis: Global market rally can save Indian market. Nifty – will move higher if maintains above 8200!!!

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

08 December 2016: -

On 06 December 2016: FII Net Bought – INR 193.66 Crs:  DII Net Sold – INR – 56.28 Crs

RBI has shocked the market. I must say that this move is now beyond my understanding. Many banks have already reduced their deposit rate on some forms of deposits. RBI’s press briefing is suggesting that we cannot see rate cut sooner as they are quoting “fear of inflation”. Well, and I see a possible phase of deflation on demand squeezing. How contradictory is this? Let us see who will go right.

For today’s trading I am expecting stiff resistance at 8200 levels. Market is exhibiting this resistance from past two trading sessions. Can we expect further returning of strong bears? I do not think that we can expect such attack immediately. Technical support is at 8050. US market and European market were up by nearly 2% on and average. This fact can save Indian market. Otherwise I do not see much reasons for no fall. It is for sure that those markets will see halt on rise sooner near New Year eve and then Indian market will see real test. Nifty may be up for the day. If is stand above 8200 then we can see fresh 100 points rise but those may be a tougher rise.

Technical resistance for Nifty is at 8250 and support is at 8080-8050.

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 – SGX Nifty is now trading above 8200 and we will see opening around those levels as almost all global indices are seeing big rally. Nifty Future has resistance at 8230. If it crosses above 8230 and sustain then we can also expect a mode of rise. Well, big question is will we see Nifty future sustaining above 8230? I have no clue.

BANK NIFTY – Bank Nifty remains alarming. This index is so far weaker than Nifty. I again repeat that if this index stays below 18300 then we can see a fall towards 18000. Now, 18000 will be decisive. Once it starts trading below 18000 then we can see a possible wave on down side.  

07 December 2016: Nifty Elliott wave analysis: Can RBI monetary policy able to give a push to the market? Technical support = 8100-8080

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

07 December 2016: -

On 06 December 2016: FII Net Bought – INR 161.80 Crs:  DII Net Sold – INR – 164.68 Crs

Well, day before yesterday we saw rise in last hour and yesterday we saw selling in last hour. It is happening very frequently and showing the confusion running in the market. Now we are close to RBI’s next monetary policy and market may like to take cue from those. I do not like to predict the outcome. We all may know this. No rate cut will be a surprise. Market may be discounting the rate cut which is most likely. So what can boost market? A comment on future policy will help bulls. Will it come?  

For today’s trading I am expecting a flat opening. Market levels remain same as of yesterday. Technical support will emerge at 8100-8080 and resistance lies at 8200. I am making a chance for the day. If Nifty can sustain above 8200 then it is most likely to impress bulls with its momentum. Normal sense suggests that it can give 8250-8300 kind of levels. For anything on down side Nifty needs to stand below 8100 which is not the case which I am expecting right now. Let us see. Nothing is possible for the day.

Technical resistance for Nifty is at 8250 and support is at 8125-8100. RBI policy may be the decisive event.

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 am not seeing the break of trading range sooner but can expect even based breakout or breakdown now. On higher side 8230-8250 is a resistance while on down side even if Nifty Future can stand below 8150-8140 we can see the rapid down side moves. Take a note that we cannot find any great trading opportunity if Nifty stand between 8220 to 8150. Trade soft.

BANK NIFTY – My call remains same and this index is not same as Nifty. Below 18300 we can expect 18000. It hits 18700 and then took a “U” turn. It is suggesting that 18700 will remains a decisive resistance on higher side. If fall continues from these levels then it can hit levels of 18300 and then it may start a move towards 18000 levels. Can we have chance to see a cross above 18700. Well, unless this happens do not trade long on this index. As long as it is above 18300, we can expect another test of 18700. It may not be too easy but it is possible. 

06 December 2016: Nifty Elliott wave analysis: Market need a follow up deal to get direction. Crucial support – 8080-8050-8000!!!

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

06 December 2016: -

On 05 December 2016: FII Net Sold – INR 317.85 Crs:  DII Net Bought – INR – 163.64 Crs

A dead cat bounce came from nearby levels of 8050 yesterday. What can be the possible outcome? I must say that bounce was impressive yesterday but real test of this bounce will do today. Can it able to surpass 8160? A 200 DMA. We have not seen follow up by bears or even bulls. Without follow up there cannot be any trend. I am not expecting any trend to emerge sooner. If trend has to come then it will come for down side only. Till then, it will be just countertrend rise if possible. I will not be very active before RBI monetary policy review for December.

For today’s trading I am expecting a flat opening. Market is most likely to be dead in first half. Even if volatility comes then also it cannot be wider than 20-30 points. I am in favour of yesterday’s recovery as there is no sign of dying yet. Let us see. Technical support will be at 8100-8080. On higher side cross above 8160 is a desperate need for bulls to claim for 8200.

Technical resistance for Nifty is at 8250 and support is at 8125-8100. Friday is going to be interesting.

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 have decisive position using option as instrument. Let us see how market is likely to shape up today. It may be the week which will be governed by events and its outcome. Time is on and we will see opening for further down. There is a chance of flattish move this week. if that happens then market will bounce from lower levels. Will it come?

BANK NIFTY – My call remains same and this index is not same as Nifty. Below 18300 we can expect 18000. It hits 18700 and then took a “U” turn. It is suggesting that 18700 will remains a decisive resistance on higher side. If fall continues from these levels then it can hit levels of 18300 and then it may start a move towards 18000 levels. Can we have chance to see a cross above 18700. Well, unless this happens do not trade long on this index. As long as it is above 18300, we can expect another test of 18700. It may not be too easy but it is possible. 

05 December 2016: Nifty Elliott wave analysis: Eventful week will decide the support. Technical support is at 8000.

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

05 December 2016: -

On 02 December 2016: FII Net Sold – INR 190.52 Crs:  DII Net Sold – INR – 418.58 Crs

I am still expecting 8000 but take a note that we have monetary policy this week. In fact this week will be full of events. Technical charts are not in favour of bulls as it has closed below 8100 levels. As long as it is below 8100 we can expect a possible dip towards 8000. I am definitely not greatly confident for the break below 8000 as of now. It will be time which will answer if we can slip below 8000 or not. I do not prefer to predict outcome of the event.

For today’s trading I am expecting a soft gap down. Market is most likely to slide today. We can expect support only at 8000 which may be weekly support too. On higher side 8160 and 8200 will be a decisive and stiff resistance. I am not taking any call for 8000 levels yet. I want to see market reaction at 8000 levels. On higher side no levels can be safer.

Technical resistance for Nifty is at 8250 and support is at 8125-8100. Friday is going to be interesting.

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 have decisive position using option as instrument. Let us see how market is likely to shape up today. It may be the week which will be governed by events and its outcome. Time is on and we will see opening for further down. There is a chance of flattish move this week. if that happens then market will bounce from lower levels. Will it come?

BANK NIFTY – My call remains same. Below 18300 we can expect 18000. It hits 18700 and then took a “U” turn. It is suggesting that 18700 will remains a decisive resistance on higher side. If fall continues from these levels then it can hit levels of 18300 and then it may start a move towards 18000 levels. Can we have chance to see a cross above 18700. Well, unless this happens do not trade long on this index.   

02 December 2016: Nifty Elliott wave analysis: If I am right then 8250 may remain top of this price recovery. Expecting 8000 !!!

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

02 December 2016: -

On 01 December 2016: FII Net Sold – INR 402.62 Crs:  DII Net Bought – INR – 237.81 Crs

Technical set up is perfect for current fall, a wave of fall. Meaningful technical resistance was at 8250 levels which was just 50% retrenchment of fall. This may be the desired Elliott wave resistance which has put momentum on halt. Simple technical chart is suggesting that if trades sustain below 8200 then we can see the beginning of fresh wave of sell off. Well, will bulls give up easily?

For today’s trading I am expecting a bear gap down. It may be down below 8150. If this fails to recover then we can see the journey towards 7500 sooner or later. I am not claiming big but I am on my strategy of shorting rise today. Currency monetisation will have impact on economy and market must be nervous for next quarterly result. You like it or not but it seems that people has reduced their spending to a significant levels. So a big question – Is the size of economic transaction shrinking?

Technical resistance for Nifty is at 8250 and support is at 8125-8100. Friday is going to be interesting.

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 – So far, we have 7800 put only which I am on hold and I have planned to hold this for month. We were on short side yesterday almost from opening minutes. Today, I will wait for a price recovery after gap down and then I will prefer to short. I am keen to see 8200 or nearby levels for my shorting. There is no question of trading long unless something really happens big.

BANK NIFTY – It hits 18700 and then took a “U” turn. It is suggesting that 18700 will remains a decisive resistance on higher side. If fall continues from these levels then it can hit levels of 18300 and then it may start a move towards 18000 levels. Can we have chance to see a cross above 18700. Well, unless this happens do not trade long on this index.