You must read previous articles and watch the given chart carefully to
understand this article completely.
For 15 June 2016: -
On 14 June 2016: FII Net Sold – INR 113.36 Crs: DII Net Sold – INR – 32.27 Crs
We need to accept that bulls are on their best to save 8050 support
levels hence I moved out of my shorts. Now, I am on wait and watch mode. If I see
the possibility of break below 8050 then only I will add short again else I may
be on side line. Do I have scope to buy? Well, it may be but I am not very keen
looking on crucial indictors.
For today’s trading session we can expect the market to open flat to
down. Weak bulls are still in the system and hence I do not see that downside
is over but 8050 is on task. This gave me a sense that market may turn choppy
before taking decisive move. If it works then 8200 is a possible if it fails
below 8050 then we can see 7900 very soon. Looking on the possibility of choppy
session, I am out of trade right now.
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.
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Strategy for Nifty June future
– I exited my shorts at 8120 after the gain of 130 points on Nifty. I tried few
more but exited immediately and not forward anything. If I have to short then I
need another good sell signal or a good buy signal. I do not think that we can
get a buy easily any more. For short, we have to wait. Wait for the break below
8060-8050.
BANK NIFTY – I still stick
on my point. Do not buy. Wait for a good sell signal. It gave up at crucial
18000 levels and corrected towards 17500. This is now enough so far. If it
breaks 17400 then only can see panic like sell off. I am definitely expecting
the sign of correction below 17400. No levels are safer to trade long. We can
expect weakness even if it go higher. Something will come to hurt market badly
for one day in this week.
