You must read previous articles and watch the given chart carefully to
understand this article completely.
09 November 2016: -
On 08 November 2016: FII Net Bought – INR 86.66 Crs: DII Net Bought – INR – 294.06 Crs
Fine, it’s a desired bounce which was expected from 8400. I have said
for the soft bounce. We capitalized yesterday’s rise and exited almost on top in
last 15 minutes. My prime reason for not forwarding long was US presidential
election. I am ready for surprise like BREXIT. I said this yesterday and surely
I was hinting for Trump victory. It does not matter who wins but right now
Trump is on lead. This is what was quoted yesterday -
“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 need to count support and resistance
from the levels of 8300 or may be from 8200? Well, 8200? One can definitely ready
my previous days analysis and 8200 was well quoted. Fine, I am not ready to buy
in shock mode here.
Today, DO NOT TRADE. It’s just going to be expert’s job. I will
participate if needed. Else, even I am not going to trade. Technical support is 8200 and then straight
8000. Its just not curbing black money, its Trump effect too.
HOPE I AM CLEAR WHY FOLLOWING WARNING CALL REMAINS A PART OF MY
ARTICLE FROM MANY MONTHS. Read it again.
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 – Thinking to catch falling knife? Well, I may opt this kind of intraday
adventure but I am not very sure. I am right now saved trade who has no
position. I am just going to follow basic. Levels …………… may be 8100 or 8050.
BANK NIFTY – I am expecting
18000 on opening minutes itself. What else can I write? Shall I buy? I may opt
but that’s not a sure call. Note that I may have a plan to buy but I am not confirmed.
I need a technical signal. If not then I am happy with no trade.
