13 July 2017: Nifty Elliott wave analysis: Day by day conviction is more for 10000 on Nifty. Next target may be 10400….

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

Analysis for 13 July 2017: -

On 12 July 2017: FII Net Bought – 361.25 INR Crs:  DII Net Sold – INR – 330.58 Crs

It was expected and it gave closing very near to 9830. As it was above 9800 and so it was not choppy and now it is all set to hit 9900 marks. It is the level which was talked by least people when it crossed 9000 marks. Why should not I talk about the possibility of 10000 marks? I hardly care if it hit or miss but levels will come very near to those.

I have not talked about this earlier but like to quote now. It was always in my mind after 9000. The levels that I am expecting as top before meaningful correction is ((1 0 4 0 0)) on Nifty.

For today’s session, I am expecting market to open on firm note again as indicated by SGX Nifty. It is very likely to hit 9900 levels today. Take a note that longer it stays above 9700 higher will be the possibility to hit 10000 marks on Nifty. Use any dip to buy only. I can say that Nifty is extending its range in July although historically it used to be June month.

One thing is clear that you may not get any easy shorting this market. Market dynamics is denying any big price correction and this is not happening for the first time. Correction will come and definitely come but not right now. My expectation is that we are far away from any meaningful (10%) correction. 

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 July future – I have nothing more to say I came back to work on Monday and we are almost going to see 200 points gain on long side. Let us see if it can able to cross above 9900 marks today or not. Above 9900 or at some it will invite a pleasant short covering rally. Do not short even on weakness as those may not last longer.

BANK NIFTY July future – I talked most about 23800 on July month contract and it is very likely to hit those levels now. Be the buyer. Very next logical target can be around 24500. Something must come to outperform Bank Nifty now. It can happen anytime and at any moment. You can expect 23500-23700 as a zone to be strong support.