30 March 2017: Nifty Elliott wave analysis: Expiry day – Will it challenge for a new all-time high? Nothing is impossible.

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

30 March 2017: -

On 29 March 2017: FII Net Bought – 460.98 INR Crs:  DII Net Bought – INR – 1283.03 Crs

Nifty filled the gap up and then went up with the formation of almost double bottom reflected on chart. There is one intermediate top with the bottoms and that top is 9135. Right now Nifty has closed above this threshold. Hence, we may have reasons to expect a bullish derivative expiry. Just based on technical price momentum we can expect expiry day high to be around 9200-9218.

On different side technical indicators like RSI is not showing great strength. Well, it is not either showing warning side of weakness. It may be decisive sooner. In past two days of pullback, Advance- Decline was not as strong as we would have expected it to be near all-time high. This is a point of concern.

Take a note that if market has to make a top sooner, then it is going to be mid cap and small cap stocks which will see early sign of weakness. Logic is simple, money prefer to move out from the relatively riskier stocks first.

I am keeping my view for rise right now but I am not very firm on the move that we can move too far from current levels. It is consolidating and outcome may be anything.

For today’s trading we can expect the rise to continue. As said above we can expect 9200-9218 as a high on expiry day. I have no call after hitting such levels. If it advances further than it must be short covering or it may see a fall from those levels to form double top. As I can read momentum indicators like RSI and MACD, I am not very confident to buy for next month either. Right now, bullish for the day.

Strategy for Nifty April future – Day before yesterday it gave a buy signal which is continuing right now. SGX Nifty is giving a start above 9200. This is good and better. This can invite short covering. Remember, you cannot enjoy more than the short covering rally in any mode of market. Technical says, target can be defined on magnitude of short covering. I am hoping; let us see how much it comes. Big question – Will it even come or not? If Mid cap or small cap indices goes in red then avoid any kind of long.

BANK NIFTY April future – This is still better than Nifty. It is good to see it above 21450. DO you know? BANK NIFTY has previous high at 21336 and yesterday it hits 21408. Surely, better than Nifty which is shy by nearly 1% from its previous top? So, this index is a better buy in case of buy. Technical says, I can expect levels of 21600-21700 for the day. 

28 March 2017: Nifty Elliott wave analysis: Expect dead sessions before derivative expiry. I favour No trades.

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

28 March 2017: -

On 27 March 2017: FII Net Bought – 577.88 INR Crs:  DII Net Sold – INR – 594.48 Crs

I have nothing great to add and hence I am not very active in these days. Only technical conclusion is that Nifty has support at 9000-8980 levels which market is respecting form past few days. I am still expecting the possibility of range bounce session irrespective of derivative expiry week.

On higher side 9100 may be another tougher resistance. Is it giving you any kind of feeling that we are on all-time high? I can quote little important point for market dynamics. One such is fall in cement stocks and another is forecasting of poor monsoon by skymet weather. Market is already not responding to new all-time high.

For today’s trading we may see flat to positive opening but more or less market will stay in range. Do not expect anything more than 40-50 points difference between high and low. If I am right then market will see fresh selling in some selected sectors, one must be cement and another can be steel.  

Do not be blindly bullish. Every stock may not generate money. I am convinced to remove this warning part (paragraph given below) form my analysis. When I issued this it was 9100+ and then it hit a low around 6825. I am not bearish on my trades from 8400 itself. A true sense is that Indian market may not fall at least for in coming three months from here.

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. It is definitely true that my next target has done come. Still from 9100 to 6825 was not bad either. 

Strategy for Nifty April future – I have no great point to be active on index right now. Nifty is likely to open around 9130 which is definitely a good start. One can trade long in first half and short in second half just the same way as it has moved yesterday. I favour no trade. I am expecting that Nifty can test a 9160-9180 on higher side which may be a trading opportunity.  

BANK NIFTY April future – Bank Nifty March future is trading at 21100 levels. If market has to move higher side then Banking index will move more than what Nifty can move. It has logical to expect something 21250 on higher side. Technical support will be at 20900 levels. It may not move much beyond given levels. 

24 March 2017: Nifty Elliott wave analysis: Do not trade in dull session. Support is still at 9000 or around.

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

24 March 2017: -

On 23 March 2017: FII Net Bought – 1094.44 INR Crs:  DII Net Sold – INR – 590.78 Crs

Well, it has worked well near the support of 9000 and took a bounce much before that. Still, momentum is missing. There is no euphoria. Today is the day when we can expect initial hour action. First big question is that will Nifty able to sustain above 9100. If it fails to do so then I believe that there may be second attempt to fill the gap.

As market used to be dull from past many trading session so I have no great hope for today either. I am expecting an initial up trend for 1-2 hours and then it will either turn silent or it may turn heavy. Technical support should be at 9040 and then at 9000 levels. Both supports are too far from current levels. Market must be negotiating for something at these top. So far, I fail to understand the cause of this kind of moves. General sense is that it should be bullish sign.

Do not be blindly bullish. Every stock may not generate money. I am convinced to remove this warning part (paragraph given below) form my analysis. When I issued this it was 9100+ and then it hit a low around 6825. I am not bearish on my trades from 8400 itself. A true sense is that Indian market may not fall at least for in coming three months from here.

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. It is definitely true that my next target has done come. Still from 9100 to 6825 was not bad either. 

Strategy for Nifty March future – Nifty is likely to open on 9110 as indicated by SGX Nifty. Meaningful trading support is at 9080-9070 levels. I am expecting the test of this support for today’s session in second half. On higher side 9160 is a resistance. I have no great intention to trade dull days. It is safer to be on holiday.

BANK NIFTY March future – Bank Nifty March future is trading at 20900 levels. I am not convinced yet for big rally mode from this pullback. I see the possible support at 20700 and then at 20500. On higher side market is not showing any great comfort on technical indicators. Small trading range may turn dicey anytime and at any levels.  

23 March 2017: Nifty Elliott wave analysis: 9000-8980 is still decisive – Make for 300 points or Break for 100 point more.

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

23 March 2017: -

On 22 March 2017: FII Net Bought – 356.64 INR Crs:  DII Net Sold – INR – 799.91 Crs

Definitely, I was expecting this pullback and it stop at very expected point – a level near to 9000 on Nifty. It is just a gap fill up trades. As it has filled the gap up so we can see good trading support running at 9000-8980 levels.

This is interesting level where we can expect market to take a pause. If it really a breakout situation on long term chart for next big rally then this is perfect point for bounce. My expected support will remain at 8980 which I have quoted in past few trading session. I am still suggesting that traders must watch the reaction at 9000 or nearer support level. Here, we may have big trading opportunity. If it breaks then it can be alarming. If it makes then 9300 may be on the card before expiry.

Do not be blindly bullish. Every stock may not generate money. I am convinced to remove this warning part (paragraph given below) form my analysis. When I issued this it was 9100+ and then it hit a low around 6825. I am not bearish on my trades from 8400 itself. A true sense is that Indian market may not fall at least for in coming three months from here.

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. It is definitely true that my next target has done come. Still from 9100 to 6825 was not bad either. 

Strategy for Nifty March future – Nifty is likely to open on 9070 as indicated by SGX Nifty. Well, it is below the expected support of 9080. My view remains same, Nifty March month future can test 9030 if it maintains trades below 9080. Lower levels will be decisive and interesting. It can either break for another 100 points or it can make for 300 points up.

BANK NIFTY March future – It was a good pause at lower levels. It has technical support at 20500-20600 but it took support at 20800 levels. This is a reflection of better relative strength. Well, if I have to negotiate for a buy price then I will prefer only the range of 20600-20500. One must watch lower levels very carefully. I repeat that one should not be blindly bullish at every level. Sometime, it is better to ignore trades. 

22 March 2017: Nifty Elliott wave analysis: Be careful from this upcoming gap down. Technical support = 9000-8980!!!!

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

22 March 2017: -

On 21 March 2017: FII Net Bought – 1662.72 INR Crs:  DII Net Sold – INR – 798.57 Crs

We saw another range bound day yesterday. Now, overnight we saw a fall of 238 points of fall on DJIA. It is definitely going to see a gap down opening. Remember, we saw a gap up opening to cross 9000 levels and that’s with too big gap up. General sense of technical analysis is suggesting that we can expect this gap fill. Today is going to be the day when we will see a gap fill up. Technical support is at 9000-8980 levels.  

For today’s trading Nifty will open on negative note. Take a note that US market future are again trading lower only. This is alarming weakness of global market. Nikkei is trading with a fall of 2%. I have already informed that I am not participating in trades on index. I like to see how it is going to react at 9000 levels which I am anticipating to work as support. Will it work or will it fail?

Do not be blindly bullish. Every stocks may not generate money. One can expect a chance that today’s gap down can proved to be bear gap down.

I am convinced to remove this warning part (paragraph given below) form my analysis. When I issued this it was 9100+ and then it hit a low around 6825. I am not bearish on my trades from 8400 itself. A true sense is that Indian market may not fall at least for in coming three months from here.

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. It is definitely true that my next target has done come. Still from 9100 to 6825 was not bad either. 

Strategy for Nifty March future – Nifty is likely to open on 9080 as indicated by SGX Nifty. I have already updated this as a support in my past articles. If it breaks 9080 then we can expect next possible target as 9030-9020 levels. I am not in the mood to buy dip unless I get some extraordinary signal to buy. Well, a bear gap down in a warning sign.

BANK NIFTY March future – I would not be surprised by that fact that it may open on 20900 levels which is a support levels but it is turn weak on support then we can see further possible slide towards 20600-20500. This is a fact that range bound session at all time high was first indication that buyers are least interested and it was global phenomenon from past few days. I am not in the mood to buy fall on support without great conviction.  

20 March 2017: Nifty Elliott wave analysis: It is at least in time correction mode and hence index may remain dull.

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

20 March 2017: -

On 17 March 2017: FII Net Bought – 1532.39 INR Crs:  DII Net Sold – INR – 711.50 Crs

Well, we saw a high of 9218 in the past week of trades. Most of the time for intraday session it is trading dull. Technical charts are definitely in favour of bulls. Big question is that will it register momentum again for this week too. As long as it is above 9000 levels we can see the possibility of fresh build up. Take a note that fresh build up is required to see a move above 9500 levels.

There is no technical resistance on index or stocks which goes on all-time high. Technical correction may not come. In this case time consolidation should be considered as correction. Price correction may not come.

For today’s trading Nifty will open on flat note or it may open even negative. I am sensing that buyers are not much interested in dealing to buy so far. It is true that this week can be a turning point of wave chart. My view is cautiously bullish but I am not taking any trades on index. One must remember that we have a big gap up in between. A gap fill is a natural process and it seems those buyers are waiting to see whether it will be filled or not.

Do not be blindly bullish. Every stocks may not generate money.

I am convinced to remove this warning part (paragraph given below) form my analysis. When I issued this it was 9100+ and then it hit a low around 6825. I am not bearish on my trades from 8400 itself. A true sense is that Indian market may not fall at least for in coming three months from here.

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. It is definitely true that my next target has done come. Still from 9100 to 6825 was not bad either. 

Strategy for Nifty March future – We can expect an opening at 9150 levels as reflected by SGX Nifty. I am still quoting for a support of 9080 levels on March month future. We may get a dull trade today as of past few days. In that case trades must be avoidable. It just makes lesser sense for silence at new all-time high. Trading will depends on intraday levels rather than short term to long term wave count.  

BANK NIFTY March future – Well, 21700 may be on the card very sooner. Technical support is at 21000 levels. One can prefer to add long in some pullback with stop loss near or below 21000. If I am right then Bank Nifty has great potential to hit levels like 22000 sooner by this month itself. Banking stocks are real performer. It demands caution. Above is just my view which has yet to be converted in to trade. It depends on intraday development. 

16 March 2017: Nifty Elliott wave analysis: Even time correction is enough to name as correction. Pullback is a BUY.

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

16 March 2017: -

On 15 March 2017: FII Net Bought – 1141.13 INR Crs:  DII Net Bought – INR – 126.75 Crs

There is no great gap fill and this is in favour of bulls. Market has consolidated for one day and then it is again prepared to take a gap up. Well, wave has turned up. It is generating a great target around 10000 levels. Any pullback from current levels should be an opportunity to trade long only.

There is no technical resistance on index or stocks which goes on all-time high. Technical correction may not come. In this case time consolidation should be considered as correction. Price correction may not come.

For today’s trading Nifty will open convincingly above 9123. In that case, it may have a great chance of hitting 9200+. Well, I must say that this market may see one sided rise till expiry of this month at least. If market again goes on mode of consolidation then it may not give chance to trade. One has to be active then position must hold for longer duration.

Do not be blindly bullish. Every stocks may not generate money.

I am convinced to remove this warning part (paragraph given below) form my analysis. When I issued this it was 9100+ and then it hit a low around 6825. I am not bearish on my trades from 8400 itself. A true sense is that Indian market may not fall at least for in coming three months from here.

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. It is definitely true that my next target has done come. Still from 9100 to 6825 was not bad either.  

Strategy for Nifty March future – We can expect an opening at 9170 levels. Well, this is massive again. This kind of gap up is not for trading. One can use intraday pullback to trade long for a move towards or above 9200 levels. As long as Nifty Future is above 9080 it has chance of hitting 9200-9230 at least. There is still no point of shorting.   

BANK NIFTY March future – Well, 21700 may be on the card very sooner. Technical support is at 21000 levels. One can prefer to add long in some pullback with stop loss near or below 21000. If I am right then Bank Nifty has great potential to hit levels like 22000 sooner by this month itself. Banking stocks are real performer. 

14 March 2017: Nifty Elliott wave analysis: Well, so today is the day when Nifty will make New All-Time high. Election outcome IMPACT!!!!

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

10 March 2017: -

On 10 March 2017: FII Net Bought – 412.14 INR Crs:  DII Net Sold – INR – 13.91 Crs

Massive victory by BJP in state poll is going to be guarantee for a new all-time high. It will make a new all-time high without even trading 9000. It’s excellent. We may see some pullback to fill up the gap but it is not going to break 8800 levels which are going to be threshold.

So the time is ON for a new talk for high side possibility. In general sense it can register a 10% rally mode very sooner. Who knows it may be already beginning. Wave count for higher side suggests that it can be 9600+ levels or it can be as bigger as 10000 also.

For today’s trading Nifty will open above 9117 and then it has free sky to fly. A new all-time high has just one word that there is no resistance on higher side. It breaks all possible limits. If I am right then may trapped short will come to cover. Nothing great to add, as it is going to be clearly up market with massive gap up.

I am convinced to remove this warning part (paragraph given below) form my analysis. When I issued this it was 9100+ and then it hit a low around 6825. I am not bearish on my trades from 8400 itself. A true sense is that Indian market may not fall at least for in coming three months from here.

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 – We can expect an opening at 9200 levels. Well, this is massive. This kind of gap up is not for trading. I am just going to watch this. Gap fill might be in order to give better opportunity to trade long. Short covering can give any levels.  

BANK NIFTY March future – Can we expect 21000 only? NO, it can be a big gap up as big as near to 22000 levels. If things go in this way then a possible target for coming three months can be as big as 25000 to 27000 levels. IN the process of gap fill it may give opportunity to add long. This chance may not coming today. One thing is clear that 20000 is a trade mark support now. 

10 March 2017: Nifty Elliott wave analysis: Nothing great yet. Nifty may try to break 9000. Will it succeed?

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

10 March 2017: -

On 09 March 2017: FII Net Bought – 487.61 INR Crs:  DII Net Bought – INR – 10.98 Crs

Hide and seek game continues near 9000. We are on Friday and we will see a long vacation as Monday is holiday. Market is already considering positive from exit poll of state election where results will come when market will be closed.  

At this point of time market is considering win for BJP and hence market sentiment is better. There is no great technical aspect for the day. Market is not able to push above 9000 levels. Will it break today? Well, I do not see much scope for the day.

For today’s trading I am expecting Nifty to open on flat to positive note. Once again we may hope that it may try to test levels near 9000 but I am not very confident now that it takes a test. It will be safer to stay away from index activity and focus only on stocks. It does not matter how much one speculate but slowly technical indicators are tiring. I am sure that if next rally has to come then it must come with fresh and strong money. Old buyers are not confident.

A new all-time is required. If that happens then it will be confirmation of next big rally in Indian market which can extend rest of the year without any threat of big price correction. In normal circumstances this kind of levels demands extreme caution to deal. Remember, may global indices have traded well above their previous all-time high with breakout.

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 – Will it test 9000 or will it miss again. Traders should not burn in this kind of range bound activity. Technical support may be at 8900 levels. This flip flop activity can be names as consolidation but I must warn that is some early signs on distribution pattern emerging. Either market will break on higher side sooner or it may go under correction.

BANK NIFTY March future – My study remains same. On the hope of 21000, it looks like Bank Nifty is also getting tired. If it does not react at these levels immediately then it may run short of time. This may result some pullback on Bank Nifty. Hence, it is not a time based trading buy right now. One should prefer to avoid long unless some real strength emerges.  

08 March 2017: Nifty Elliott wave analysis: No rise to cross above 9000 may result a possible pullback or profit taking sooner.

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

08 March 2017: -

On 07 March 2017: FII Net Bought – 920.46 INR Crs:  DII Net Sold – INR – 1073.75 Crs

It has missed 9000 marks on Nifty again yesterday. Technically, this may result a profit taking. I have already expressed my concern that it might not be easier to cross above 9000 mark. It looks like we may see another pullback from 9000 marks. It may come today or tomorrow. Index is not giving any great pleasure to trade hence I am strongly avoiding index to trade.

Reliance may play an important role now. Indian market has history of topping out with rise in Reliance. Well, I must say that Reliance is 101% not a buy here. One can expect some profit taking on it.

For today’s trading I am expecting Nifty to open on flat to negative note. Once again we may hope that it may try to test levels near 9000 but I am not very confident now that it takes a test. Rather it may give up at higher levels to invite profit taking. Somehow market is unable to get fresh strong buyer at current levels. It looks like market will renegotiate with bulls.

A new all-time is required. If that happens then it will be confirmation of next big rally in Indian market which can extend rest of the year without any threat of big price correction. In normal circumstances this kind of levels demands extreme caution to deal. Remember, may global indices have traded well above their previous all-time high with breakout.

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 – Will it test 9000? Well, it is not easy to answer. It seems that it does not. Technically, it may face resistance at 9000-9020. Now, if it does not make then it may react at higher levels with negative view. It may see a fall from higher levels in the name of pullback or profit taking.

BANK NIFTY March future – On the hope of 21000, it looks like Bank Nifty is also getting tired. If it does not react at these levels immediately then it may run short of time. This may result some pullback on Bank Nifty. Hence, it is not a time based trading buy right now. One should prefer to avoid long unless some real strength emerges.  

07 March 2017: Nifty Elliott wave analysis: Market living on the edge of breaking 9000 to invite short covering rally to give New All-Time High.

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

07 March 2017: -

On 06 March 2017: FII Net Bought – 564.15 INR Crs:  DII Net Sold – INR – 481.96 Crs

We have great technical set up right now. It has almost formed a double bottom support at 8860 and closed almost 100 points higher yesterday. If it has to cross 9000 marks then we have another better day as today. Will it able to cross? Well, as long as it is saving 8800 I must say that market will definitely make few more great attempts.  

Reliance is on rise right now. Indian market has history in making top with last rise in Reliance. Will it follow the same trend this line? Only time can answer but as of now bulls has no great threat. If threat comes it will come in unexpected way. I must repeat that if market has to make a new all-time high then market will make it with outcome UP state election where market is anticipating a win for BJP. May be it can be a trigger and may be a next fuel.

For today’s trading I am expecting Nifty to open on flat to positive note. I am active on stock but not on index yet. As long as Nifty stands above 8900 there is no great point to expect any intraday weakness. I am equally not very confident for easy cross of 9000 but I will give edge to bulls. When we have so many better stocks, then why to deal index?

A new all-time is required. If that happens then it will be confirmation of next big rally in Indian market which can extend rest of the year without any threat of big price correction. In normal circumstances this kind of levels demands extreme caution to deal. Remember, may global indices have traded well above their previous all-time high with breakout.

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 – SGX Nifty is giving a sign of positive start around 8975 and then we will live with great possibility of hitting 9000+ levels. A simple view is that it can cross above 9000 to give a test of 9030. Sustainability will decide for a short covering rally to make a new high. It can happen either this week of early next week.

BANK NIFTY March future – Once again, it has chance of coming close to 21000 which may act as next technical trigger. We can see a possibility of hitting 21500 on good volume cross over. Technical support is now at 20700 and then at 20500 levels. So far, looks just to trade long but trading range may not give great comfort. 

03 March 2017: Nifty Elliott wave analysis: Nifty missed 9000 marks and now it is looking like to take support at 8800 levels.

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

03 March 2017: -

On 02 March 2017: FII Net Bought – 122.94 INR Crs:  DII Net Sold – INR – 83.21 Crs

What was yesterday’s high? It was at 8992. It has missed 9000 marks once again and undergoes in profit taking mode. It has closed just below 8900 levels. This is suggesting me that market may not be in the mood to cross above 9000 so sooner. Yesterday was most perfect day for crossing 9000 but it missed.

Well, today is Friday after a profit taking day? I am curious to see today’s outcome. We had two short signals on hourly chart. One generated at 8925 and other at 8980 on Nifty March Future. I am expecting a test of 8800 on Nifty spot right now. After that it will be decisive.

For today’s trading I am expecting Nifty to open on negative note. Reason is simple and that is the fall on DJIA. After a negative start it may have a chance of hitting 8800. On higher side it will face resistance at 8940 and on 8992. Time is on and now bulls must go on big caution mode. Do not expect that market will issue any notice before falling.

If that happens then it will be confirmation of next big rally in Indian market which can extend rest of the year without any threat of big price correction. In normal circumstances this kind of levels demands extreme caution to deal. Remember, may global indices have traded well above their previous all-time high with breakout.

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 – SGX Nifty is giving a sign of negative start and this is perhaps happening after a real long time. Technical support is at 8880 which may be opening quote. If it sustain below 8880-8870 then we can expect a fall towards 8820-8800 levels. Today’s trade may be decisive for trend extension or trend reversal.

BANK NIFTY March future – Well, it is not comfortable near 21000 anytime. It is suggesting that buyers will wait for lower levels. I am expecting two decisive supports in down side; one is at 20300 and next is at 20000. It may prefer to test at least one lower level before going on make or break mode. On higher side it will face resistance at 20900-21000 levels. 

02 March 2017: Nifty Elliott wave analysis: We may expect 9000 levels to be challenged. Technical support for intraday is at 8900!!!

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

02 March 2017: -

On 01 March 2017: FII Net Sold – 198.27 INR Crs:  DII Net Bought – INR – 254.21 Crs

We saw another up day which in in line with expectation. We saw a massive upside in US market last night and this can give some opening boost up. So, it may open with a hope to get 9000 levels on Nifty today. Will this hope turn to a reality? I believe that it should happen anytime sooner. I must say that as long as it is above 8800 it has great chance of hitting 9000. Can it extend more above 9000? It will depends on cross over and the entry of fresh bulls.

For today’s trading I am expecting Nifty to open on flat to positive note. 9000 may not be easy to cross but we can expect a test of nearby levels. Technical charts are suggesting for rise to extend. Short term wave trend is up and extending with sign of further extension. For intraday one can expect support at 8900 levels with a hope for 9000. It is not looking to break 8800 in near future as of now. Big question- will it challenge all-time high in the month of March?

If that happens then it will be confirmation of next big rally in Indian market which can extend rest of the year without any threat of big price correction. In normal circumstances this kind of levels demands extreme caution to deal. Remember, may global indices has traded well above their previous all-time high with breakout.

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 – SGX Nifty is trading at 9000 levels. Is this level coming with opening? Yes, it can hit or may open above this level very much. 300 plus points rise in DJIA should give us 30-40 points higher opening. Well, next is we can expect rise if it can hold above 9000. Can it hold?      

BANK NIFTY March future – This is the index which is trading with great sign. It has every chance of hitting 21000 levels. Technical support will emerge at 20700 levels. If it sustains above 21000 then we can expect levels of 21500+++ levels sooner or later this month. As long as it is above 20000 marks we cannot see meaningful correction. Well, it is already too above to say for correction. it is dragging whole market with momentum.  

01 March 2017: Nifty Elliott wave analysis: Support remains same at 8800 levels. Pullback or break down?

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

01 March 2017: -

On 28 February 2017: FII Net Bought – 1146.23 INR Crs:  DII Net Bought – INR – 268.34 Crs

I have nothing great to add for today’s analysis. I stick on point that market is turning heavy at higher end. This market needs a fresh buyer at current level to move higher which may be difficult. Well, even after all odds I must add that so far this is just a pullback and I cannot name it as sign of weakness. Crucial support is at 8800 levels.

For today’s trading I am expecting Nifty to open on flat to negative note. It has done nothing great in last session. Well, we saw a closing which was well above the low compare to its trading range. It is giving all hints that lower support of 8830-8800 will work. I am not sure that anything great is going to happen sooner. It can either be a soft trade on some bounce from lower levels again. There is no firm signal for great profit taking so far. It can be applicable if it can break 8800.

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 – My study remains same as of yesterday.  For today, take a note that if it can sustain below 8900 then we can expect some extension of price correction. May be, if it works then 8830-8800 may come on screen. Let us see.  Do not trade a dull day.       

BANK NIFTY March future – There is no need to change views so far. 21000 levels will act as resistance the way it did in past few days. There is a formation of short signal on hourly chart when it was trading at 20800 levels. At that time it has developed a technical target of 20400-20300 levels. Remember 20300 is also a short term technical support. Will it make or break at those levels? Only time can answer.