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.