20 July 2017: Nifty Elliott wave analysis: Any-day and anytime Nifty can come around 10000 marks.

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

Analysis for 20 July 2017: -

On 19 July 2017: FII Net Bought – 1046.65 INR Crs:  DII Net Sold – INR – 12.48 Crs

My desired bounce came with great conviction. Can we expect nervousness before 10000? Yes, it can be nervous but chances are higher that bulls will win to achieve 10000 marks on higher side. I am expecting that it can happen anytime. A recent low was 9792 which will act as threshold in meantime. As long as this support works before 9700 one can expect this bounce to continue.

My strategy is simple, I am buying every dip and making exit on nervousness on index but sooner I am going to take risk my long trade on index. Take a note that there is no sign that index is going to make top even at 10000 marks. One can expect another euphoric rise which can cable enough to take nifty as high as 10400 levels although this is not a claim.

I am maintaining my bullish instance from 9000 onwards.

For today’s session, I am expecting market to open flat note with optimism. I have reloaded my long on index as conviction was strong from sectoral index like banking. Now, once again I will hope for my desired 10000 marks. Technical support will be at 9850-9830 levels. My suggestion is to buy in every dip.

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 – It is likely to open above 9920 levels and then I am expecting a move towards 9960 and then towards 10000 levels. We can expect historical rise any day. Take a note that we can see a short covering based rise very soon which will be enjoyed by bulls. Do not short on any weak sell signal and those contain high risk.  

BANK NIFTY July future – This index is steadier and now taking it’s a move towards my expected 24500 levels. I am now turning more aggressive on this index. It is not likely to break 24000 with ease. Technical signals are in favour of bulls and pattern is expected to extend. There may not be any easy top sooner and hence long is suitable trade.