24 March 2017: Nifty Elliott wave analysis: Do not trade in dull session. Support is still at 9000 or around.

You must read previous articles and watch the given chart carefully to understand this article completely.

24 March 2017: -

On 23 March 2017: FII Net Bought – 1094.44 INR Crs:  DII Net Sold – INR – 590.78 Crs

Well, it has worked well near the support of 9000 and took a bounce much before that. Still, momentum is missing. There is no euphoria. Today is the day when we can expect initial hour action. First big question is that will Nifty able to sustain above 9100. If it fails to do so then I believe that there may be second attempt to fill the gap.

As market used to be dull from past many trading session so I have no great hope for today either. I am expecting an initial up trend for 1-2 hours and then it will either turn silent or it may turn heavy. Technical support should be at 9040 and then at 9000 levels. Both supports are too far from current levels. Market must be negotiating for something at these top. So far, I fail to understand the cause of this kind of moves. General sense is that it should be bullish sign.

Do not be blindly bullish. Every stock 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 – Nifty is likely to open on 9110 as indicated by SGX Nifty. Meaningful trading support is at 9080-9070 levels. I am expecting the test of this support for today’s session in second half. On higher side 9160 is a resistance. I have no great intention to trade dull days. It is safer to be on holiday.

BANK NIFTY March future – Bank Nifty March future is trading at 20900 levels. I am not convinced yet for big rally mode from this pullback. I see the possible support at 20700 and then at 20500. On higher side market is not showing any great comfort on technical indicators. Small trading range may turn dicey anytime and at any levels.