10 February 2017: Nifty Elliott wave analysis: As long as it is saving 8660, it may take attempt for 8900. Weekly close is important.

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

10 February 2017: -

On 09 February 2017: FII Net Bought – 356.63 INR Crs:  DII Net Sold – INR – 379.63 Crs

We saw a bounce from the zone of support which was at 8740-8700 levels. We have passed four days in this range with flip flow. Market may not move much even today. Shall I still expect 8900? Yes, as long as it is above 8660 it has every chance of hitting 8900 levels.

Up is up but we can able to see a saturation of rally sooner from this levels but the last move must be sharper.

For today’s trading I am expecting Nifty to open on flat to positive note. Technical support remains same in the range of 8740-8700 levels. We may see conflicts in intraday signals as those are heavily over bought. Next five waves initial may not be easy but not completely impossible. I can say one thing about surely that the next top will be unpredictable. Let us see what is coming on Friday.

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 – There is no need to change analysis for today. 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 – Yesterday was first day after many weeks that Bank Nifty was looking tired on intraday chart. Will bulls try to buy fresh? I must say that it has to find new levels to extend. 20700 – 21000 will be the levels that we can talk about to invite fresh bulls. Technical support is at 20000 levels. This index is not looking as strong as Nifty now just based on yesterday’s close.