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 31st
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.
