24 July 2017: Nifty Elliott wave analysis: I still maintain my view for 10000 on Nifty. Hit or miss but must be close to that.

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

Analysis for 24 July 2017: -

On 21 July 2017: FII Net Bought – 12.90 INR Crs:  DII Net Sold – INR – 147.66 Crs

9930 is not too far. I can say that weekly closing was better than expected note. I have already quoted on twitter that market can again trap bears and it is doing the same. I hardly see anything meaningful to be bearish. Cannot it cross above 9930? Yes, it can do this very easily. I still feel that Nifty can strike 10000 marks anytime to make history. It is just the psychological hurdle that market need to surpass.

Once again I repeating that market may be nervous towards the higher levels but those are unpredictable and unnecessary to trade. I am firm that market see advance by denying all sell signal which it used to do in these days.

I am maintaining my bullish instance from 9000 onwards.

For today’s session, I am expecting market to open flat to positive note again. We have two important trading support at 9870 and then at 9830. Take a note that market may not fall to that much level. I am expecting 1000 on higher side anytime this week. This must be impressive if comes. We may see hit or miss at 10000 levels. Well, at least it must come close to those figures.

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 August future – Right now, SGX Nifty is trading at 9960+ levels. Needless to say that if I am claiming 10000 on Nifty then Nifty August future will see 10000 levels first. I suggest just be bullish with suitable stop loss and prefer to buy in dip around support. Technical support will be at 9900 levels. On higher side it can hit 10040 too.

BANK NIFTY August future – Well, it came very close to 24500 and this is more impressive than Nifty. In fact it is this index because of which I am claiming my views of 10000 marks on Nifty. In my view, this index will again take a lead. I would not be surprised to see levels of 25000 also on this index. Is there is any warning sign? One cannot claim such as long as it is hitting higher levels day by day.