20 February 2017: Nifty Elliott wave analysis: Nifty demanding 8900 before expiry. A level which will act as make or break.

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

20 February 2017: -

On 17 February 2017: FII Net Bought – 8043.17 INR Crs:  DII Net Sold – INR – 5631.91 Crs

Will it challenge 8900von Nifty? Logic says yes that it should hit. Technical are also supportive but this zone is proven as a zone of most stiff resistance so far. I still bet for 8900 before any great up or down further. Will correction hit anytime sooner? Answer is simple that if correction has to come then it will come in unexpected way.

For today’s trading I am expecting Nifty to open on flat to positive note. As there are so many dull sessions so it is very hard to predict which day it will break. So far it looking up and looking to hit 8900 levels. I am not very firm due to the possibility of choppy moves. As we are in derivative expiry week so I am expecting that it should give some great direction this week.

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 – Near to expiry I am not expecting Nifty to run with great premium. Just for once or at least for once 8900 is the figure with is on demand. The time is on. Technical support for today’s trade will be at 8800 levels and expected levels to come is 8900. Let us see.    

BANK NIFTY February future – It has closed above 20500 and that’s also a fresh move with a save at 20000 levels. In normal circumstances it must be very first sign of 21000. If unexpected does not happen then I will expect 21000 on Bank Nifty. It is looking stronger than Nifty now. In down side it will support at 20300 and then at 20000.