11 July 2017: Nifty Elliott wave analysis: 9800 must be the reality today. Then, I will bet for 9900 to 10000.

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

Analysis for 11 July 2017: -

On 10 July 2017: FII Net Sold – 102.27 INR Crs:  DII Net Bought – INR – 894.57 Crs

We got 9782 on Nifty. Technical gave a hint in the last week of trade itself and hence I quoted for the possibility of 9800 by yesterday itself. I still feel that we can expect exact crossover of 9800 by today only. Remember, new all-time has no resistance on higher side. Hence, we can expect more extension unless something happens unusual.

Can we expect 10000 by July month itself? It is not impossible but this rally is going too fast. Fine, this is what we call the euphoria of a bulls run. It is equally true that this rise is not the kind of rally which we used to get in past. Participation is not coming from every stock of every sector. Money goes on selective stocks. This is the part of market dynamics.

For today’s session, I am expecting market to open on stable note with great possibility fresh extension of rise. First thing is to watch market reaction at 9800 levels. It is my gut feeling that if it can extend tall above 9800 then we can expect 9900 to 10000 marks by this month itself. I do not have concrete reasons to say for 10000 but I have seen market overdoing in past. This time also is developing same structure. No one can justify the targets of levels of overdone of a wave. 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 – So we got a one sided rise once it has crossed 9720. Isn’t it? Well, it gave a good time in first half to buy. The result of good buy came as massive rise in next half. Technical charts are still justifying for the fresh rise. Today is the time when it will open above 9800 for the first time and then it will invite fresh rise. I wise if it could invite some short covering rise. I will enjoy more of this rise.

BANK NIFTY June future – My instance it clear. I am still expecting 23800 and not only that we can expect even 24000 levels. Be the buyer of this kind of rise. It has yet to see a firm buyer to hit this index. In any down side it will have good technical support at 23400 levels. Just imagine if Bank Nifty start over performing then what kind of levels is possible.