22 February 2017: Nifty Elliott wave analysis: it is still firm and living on the possibility of hitting 9000 marks in this expiry.

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

22 February 2017: -

On 21 February 2017: FII Net Sold – 1435.76 INR Crs:  DII Net Bought – INR – 1535.44 Crs

It has done 8900 levels and closed on some better note. So far it is looking like to hit 9000 levels. We can expect a short covering based rise near to expiry. Technical support should not be the concern as momentum is still stronger.

For today’s trading I am expecting Nifty to open on flat to positive note. We can expect trading support at 8880 and then at 8830. I am expecting a rise to continue near to expiry. Global strength is key and fuel. Will Nifty ever go in correction mode? Answer is simple; correction will come only at some unexpected time. I am not in anticipation mode. My expectation for the day is 9000 now.

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 March future – Have a look, it may open around 8950. We do expect the possibility of 9000 today. We get it or not on dot is different point. A rise is expected. Technical support is at 8900 and I strongly say that one must avoid shorting. Use dip to buy. Only concern is that trading move will be limited to just few minutes. That minutes can be in first hour or last hour.       

BANK NIFTY February future – My view remains same. It was looking to give 21000 and it is inching closer. Let it come. One thing is sure that above 21000 it will go furious and rise may be rapid. I can repeat that it is banking index which going to give good support. Technical support will come in the range of 20600-20500 levels. It is great so far.