09 February 2017: Nifty Elliott wave analysis: Post policy days – if market does not get tired then 8900 must be the next possibility.

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

09 February 2017: -

On 08 February 2017: FII Net Sold – 127.69 INR Crs:  DII Net Sold – INR – 166.82 Crs

Well, if I ignore the knee-jerk reaction then 8740 got respect yesterday. It has at least closed with a bounce. Technical up trend remains intact. It is likely to take a move towards 8900. I can say that shorting is just not possible for short term unless it breaks 8660. Technical support is too far from current levels. It is suggesting that if dip comes it will be bought by bulls.

Something will come to stop this rally sooner but this has not come yet and so it is up and remains up.

For today’s trading I am expecting Nifty to open on flat to positive note. Technical support is at 8740-8700 again for intraday. Idea should be to buy in dip and trade long. There is just one thing that can stop one form trading and that can be the limited trading range. Very next leg can push Nifty towards 9000 to challenge.

Warning sign must be here from February top. It may prove to be a counter trend rally on long term count.

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 February future – 8900 is still a possibility? Yes, it is in the race. If it has to see 8900 then the beginning may start from today. Technical support for intraday trading is at 8800 to 8780. One can prefer to buy in any dip. Well, if market gives feeling to tiredness then avoid any trade. Do we have such chance? Yes, we may have.  

BANK NIFTY February future – A down towards 20100 and then a close above 20300 keep bank Nifty in the race. It may challenge the levels of 21000 sooner or later or may be close to those. It nifty to make a new all-time high then 101% Bank Nifty will be better than Nifty.