21 February 2017: Nifty Elliott wave analysis: Nifty is in the striking distance from demanded 8900 levels.

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

21 February 2017: -

On 20 February 2017: FII Net Sold – 433.38 INR Crs:  DII Net Bought – INR – 827.90 Crs

Slowly and steadily Nifty has moved towards the demanded 8900 levels. Market may be in limited range as currency and debt market are closed due to municipal election in Mumbai. Well, technical charts are demanding 8900 and next course of action will be decided only after seeing the reaction at 8900. Can it challenge 9000 before expiry?   

For today’s trading I am expecting Nifty to open on flat to positive note. We can expect trading support at 8830 and then at 8800. On higher side 8900 is decisive levels. Cross above 8900 may give a quick fire 8940 levels. Well, I am not expecting this much action today. It may be dull to slow to steady in limited range.

Do not deal in the market if it remains in a range.

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 – I still 8900 which is expected to hit by today. I have no take on what is going to happen next. Wait-watch and then trade, if it can stays above 8900 levels. It may not be easy as it is looking as of now. Let us see. Technical support is at 8840-8830 levels.      

BANK NIFTY February future – My view remains same. It is looking better than Nifty. 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.