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.
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