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.