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.