14 July 2017: Nifty Elliott wave analysis: Any day and at any time one can expect 10000 on Nifty.

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

Analysis for 14 July 2017: -

On 13 July 2017: FII Net Sold – 59.15 INR Crs:  DII Net Bought – INR – 279.13 Crs

Well, frankly, right now technical is in heavily favour of bulls and it is giving all hint of making a history. Yes, I am talking about the possibility of hitting 10000 marks anytime. There will be one bigger day to achieve this.  

This run starts from 9450 levels and running with good conviction. We are very close to an exciting short covering rally as I am sure many shorts would have been in the system.

For today’s session, I am expecting market to open on firm note again and it may start the day above 9900 levels and then one can notice euphoria. Technical support will be at 9830 and this trading support will not break so easily. On higher side I am eyeing for just one target and that is 10000 first. Let us see when it will come? It will come or not?

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 an unusual and healthy phenomenon.

Strategy for Nifty July future – I have nothing great to add more as I have already expressed my views for rise with great possibility of hitting 10000. Technical support should emerge at 9830 levels. There is a strong warning if you are thinking to add short. It is better to be off to trade than adding shorts. I am not denying the possibility of correction but it can give you more pain before falling.

BANK NIFTY July future – It has done 23800, it was most awaited. Now, true wave extension is suggesting me for the target of 24500 which is really too big to talk about. Will it come? I do not know but I am sure for one thing that market will take approach towards such target sooner or later. In down side it may not break 23700-23600 easily.