You must read previous articles and watch the given chart carefully to
understand this article completely.
For 23 June 2016: -
On 21 June 2016: FII Net Sold – INR 41.10 Crs: DII Net Bought – INR – 361.34 Crs
I was right that market may undergo in choppy mode. Technically,
Indian market may go in a phase of underperformance compared to global indices.
I have strong caution for bears. A down move can get first small confirmation
only if Nifty can see closing below 8130 levels. So till that time market is on
choppy to dull note. Market is definitely looking for outcome BRXIT.
For today’s trading session I am expecting market to open on dull
note. It will face immediate resistance at 8260 then 8280 and then finally at
8300 levels. We are moving close to derivative expiry and that can make market
uneasy at some point. Stocks look better than index which is suggesting for
some fuel left in the market. I am clear that I will not trade long.
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 am in wait mode to trade. Technically, my choice is to trade on short side
unless market takes out the crucial 8300 levels. My choice will be a soft to
positive opening with top near 8350 levels. Then we can expect a choppy trade. This
choppy trade will cause fall in second half. If this strategy works then one
can get 50-60 points of on short side.
BANK NIFTY – I am not so
firm on BANK NIFTY yet. Technically, it has yet to cross 18100 levels to think
for trading long. It has good support at 17400 which was informed earlier. I
added long on Nifty from lower levels by seeing BANK NIFTY low only. Now the
time is ON. Either break on higher side or break on lower side. Chances are
higher that direction will be on downside.
