You must read previous articles and watch the given chart carefully to
understand this article completely.
15 November 2016: -
On 11 November 2016: FII Net Sold – INR 1493.27 Crs: DII Net Bought – INR – 64.72 Crs
Market has closed on weakest point for the last week of trade. It is
definitely is note which I can name as PANIC note. What’s the cause? Believe it
or not market men are afraid of 500 and 1000’s currency roll back. This is a
possible and perhaps a big factor although market should not consider it this
deeper directly. Well, but economy is and economy will simple go in some kind
of silence due to limited retail spending.
What’s technical set up for the day.
For today’s trading we are going to see another massive gap down. We
have opening of 8200 in line now. From this point, I strongly suggest do not
short without any bounce. I am expecting a bounce from levels of 8200-8150. Well,
stop loss might not be very clear, which is very usual phenomenon in this kind
of panic like sell off. I am equally suggesting that market has no sign of back
on bull run very sooner.
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. I feel bad about this. Well, not too bad as I have
no long. I am passing the uncertain days. Opening may go around 8200 or 8230. I
am expecting a bounce but I cannot quote levels.
BANK NIFTY – 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.
