21 June 2017: Nifty Elliott wave analysis: Fine!!! 75% chances are that 9710 may remain top for some time. A strong price correction is close before fresh up move.

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

Analysis for 21 June 2017: -

On 19 June 2017: FII Net Sold – 312.84 INR Crs:  DII Net Bought – INR – 477.13 Crs

Well, I am focusing on crucial momentum and making few studies on volume. I have noticed that money is flowing towards some selected stocks and broad based rally is exhausted. I may be wrong but I am getting hint that market may undergo MONSOON SELL off mode. It may be the trend which used to set up in June. It has not fallen so far for this month and time is turning crucial to very crucial as the clock is ticking.

101%, now I am not long in the market. I added few shorts as indicated in my past article and I picked short on Nifty Future at 9680 as quoted earlier.

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. What can be the magnitude of price fall? Will it be the time for 10% correction? Take a note that it may be too early to say but I cannot deny such chances. My shorting put in best possible risk reward ratio and waited long for this.

For today’s session, I am expecting market to open on negative side. On higher side 9700 will be the zone of resistance. It deserves an attempt for short on higher end with disciplined stop loss which should just above 9715 levels. It is same as of my past take. I have already added my shorts above 9680 and I may be flexible towards stop loss. Let us see.

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 – As I have already added short on index so I am biased now. I am just going to keep this short on positional basis. Let us see what can be the possible value of fall. If it breaks 9570 then I may be the position to revise stop loss which put to in the guarantee mode for no loss. So, all I am waiting is to see how and when will it break 9570.

BANK NIFTY June future – I have already quoted that this index is not weak and we saw a price of 23700 and now this may feel the heat any moment. Well, this is still not as concrete as Nifty. This is my anticipation that Bank Nifty will not cross 23800-23900 marks very easily anymore. Still, I am not very sure. I may get a better hint today.