03 April 2017: Nifty Elliott wave analysis: Nifty is expected to break 9218 sooner. My weekly target is 9300+ levels.

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

03 April 2017: -

On 30 March 2017: FII Net Bought – 295.92 INR Crs:  DII Net Bought – INR – 1499.41 Crs

From the low of 9024, Nifty has slowly moved towards 9175 levels. It is slow but steady moves. It took complete five trading sessions. We are in new financial year and market is steady. I cannot say that market is showing any weakness. Rather I can say that it is showing consolidation.

I have study on MACD and RSI; both are still running with no threat. If any threat has to come that will come only if Nifty breaks 9000. Well, that’s very far away situation.

If strength continues then we can expect Nifty hitting 9300 levels by this week. This is my expectation. Avoid shorting unless Nifty starts trading below 9000 levels.

If market has to make a top then very first sign will not come from Nifty. It will come from small cap and mid cap indices. One must follow those very closely.

For today’s trading we can expect to open on positive note and then market may trade with silence. If momentum comes then we can expect rise to resume. Technical trading support will run somewhere near 9140-9120 levels. I am expecting market to resume momentum sooner. Possibly on higher side. I am still suggesting, one must and must watch mid cap and small cap stocks.  

Strategy for Nifty April future – Nifty April future looks to open at 9200+ levels. Remember, we do not have short covering yet. As long as it sustains above 9200+ levels, we can sense a rise. There is no question of shorting immediately on top. I keep my eye on short covering rise if come. Note that I am not claiming for short covering. This is my condition to trade.

BANK NIFTY April future – This index is running at 21500 levels and this is my threshold. I can expect fresh strength from current levels if fresh money hits the market. Well, I will prefer to trade long only if it can stay above 21600-21650. Let us see if we can able see that levels or not. As per as supports are concern we can expect good trading support at 21300.