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.