11 January 2017: Nifty Elliott wave analysis: Another attempt is possible for 8300 levels. A toppy pattern is possible anytime sooner.

You must read previous articles and watch the given chart carefully to understand this article completely.

11 January 2017: -

On 10 January 2017: FII Net Sold – 21.20 INR Crs:  DII Net Bought – INR – 253.36 Crs

Nifty came near to 8300 again. If this has to make a top then this can be the level. Question is will it make a top? I can say that if top comes here then it has completed a formation of “W” pattern. This pattern has a hallmark trade that it would not give easy break of the range. Hence I do not believe that much upside has left for market.

Yesterday market opened on strong note that closed on stronger note.

For today’s trading we can expect some encouraging opening and this may give a feel a feel of break out. I have strong doubt that it will be a break out. I am not going to recommend any levels for the day but it is my anticipation that Nifty may fail in the range of 8320-8340 levels. My plan is to predict a top and short. Will it work on shorting? So far, this rise has not given anything much to bears.

This remains part of my article. We may be under bear market till 31^st 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 January future – Few days back it was near to 8330 and it may take such attempt again as shown by SGX Nifty. Will it sustain? I see a high possibility of truncation based on levels. Can momentum sustain ahead of quarterly results? We need a negative close to see change in trading trend which is not impossible even after gap up. I will update more on twitter.

BANK NIFTY January future – This is performing better than Nifty now and in fact it has driven Nifty so far to a good extent. Technical charts are justifying for 18600 levels. My view is that a top must be near. It is just repeating December month levels. Its purely my anticipation and technical confirmation has yet to come. Let us see how it comes and when it comes.