17 July 2017: Nifty Elliott wave analysis: Hit 10000 today. If not today then also it must come this week.

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

Analysis for 17 July 2017: -

On 14 July 2017: FII Net Sold – 673.56 INR Crs:  DII Net Sold – INR – 136.27 Crs

9913 was Friday’s high and it is very likely to open above that marks. In that way we may enter in to the striking distance from 10000 marks. I have already said from last week itself. This is definitely an impressive rise. It is not that I am saying that market may top at 10000 levels. It may just be a psychological resistance. From technical point of view 10000 should be a sign of trouble. We can expect some pause near to that and then we can see fresh wave of buying.

The length of this rise should be around 550 points. Take a note that this rise is coming from 9450 levels itself and it must have trapped many habitual bears.

For today’s session, I am expecting market to open above 9913 levels and this it should take a run for 9970-10000 levels. I do not know if 10000 can be reality today or may turn shy near those levels but I am already long from very comfortable levels and so I will prefer to see a crossover of 10000 marks by this week itself. It is going to be a historical week.  

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 – Once again, Friday’s small price retrenchment was an opportunity to buy. Technically, 10000 is my expected level for this week. If things go favourable then we can expect Nifty to extend more but anything above 10000 is my optimism. I am not denying that depending on market view I may book my good profit anytime specially, if it gives sign of profit taking near 10000. Well, I will not be short.

BANK NIFTY July future – I do not need to change my view. It can outperform Nifty now. 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.