15 June 2017: Nifty Elliott wave analysis: First time this is turning heavy on rise with technical indicators. Caution requires-support 9570!!!

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

Analysis for 15 June 2017: -

On 14 June 2017: FII Net Sold – 161.13 INR Crs:  DII Net Bought – INR – 71.65 Crs

Well, today is 15^th June and we have passed half June month with no great move on upside. June is usually a month of heavy volatility and negative biasing. So far, we have not seen anything great. It was just a little up. Big question is what can we expect from rest half of the month.

Will it be dead? Will it be negatively volatile? Will it be positively volatile? To be honest, we cannot predict with good accuracy as indicators are not moving much. If it have to rate the biasing then it is unfortunately on negative side.

I should rather say that it is on critical side. If RSI breaks the support of 50% marks then bears will see some activity. From 9000 to 9700 was a good run and if some correction comes then it should be welcome. It is not going to change the direction but it may be the time of “meantime price correction” to the limited extent.

For today’s session, I am expecting market to open on negative side. I have no trade on index and I may opt to wait for long. Well, I may rather opt shorting too but my expectation on negative side is not too much. One can expect 100 to 150 point of down side maximum if it has come.

I can say that first sign came from sectoral performance. Under performance goes critical and hence I believe that some money may be pulled from bluechip index too. Before you think that I am bearish then let me update – I am firm on my target of 10000 on Nifty. This will just be the meantime price correction which is a usual and healthy phenomenon.

Strategy for Nifty June future – Yesterday’s dead session was indication of this kind of weakness for opening quote. If you are a bull then stay away from market for next 15 days. The next 15 days may not be in favour of bulls as of now. So far, it looks for the down side towards 9500-9440 levels. Let us see how much correction comes.  

BANK NIFTY June future – Somehow I cannot say that bank Nifty is weak as of now. So if market does not fall then Bank Nifty may impress bulls. It is not reacting much at 23500 levels. It has good technical support at 23200. Will it respect this support? This support is 1% away from current levels. Well, do not touch this index unnecessarily.