11 August 2017: Nifty Elliott wave analysis: The last hope support is at 9700. If it breaks this supports too then pain can be even worse.

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

Analysis for 10 August 2017: -

On 09 August 2017: FII Net Sold – 1171.21 INR Crs:  DII Net Bought – INR – 821.72 Crs

WoW, I just watched SGX Nifty and it is giving a cue to open down by 100 points. This is impressive and remarkable. I am maintaining my instance for correction from 10100 and it seems that we are likely to see 9700 levels by today itself. Just count, it is the price correction which is sharper than the rise which happens most time.

I have already quoted that now market is not for light hearted traders. Shall I pick the falling knife for long? Well, I am not in such mood. Things can be worse before sign of improvement.

For today’s trading session, it is expected to open around 9700 levels. If you are not already short then you have nothing to do in this market. I cannot recommend short after 100 points gap down. If you have short then just enjoy like us. If you do not have short then just leave the market or just watch but do not deal. If it sustain below 9700 then Nifty can wash 100 points more.

Who knows if this tests 9500 levels before improving?

I am maintaining my bullish instance from 9000 onwards. Length of the rally should be from 9000 to 10400 levels. It hardly matters if this magnitude goes 1400 points exactly or goes as 1300 points or 1600 points. Call was bullish above 9000 and so far it is pity successful.

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 – Yesterday’s opening was around 9900 and today’s opening may be around 9700-9730. Suppose if it fails to recover then pain can be even deeper. Will it recover? If it has to recover then it has to save 9700 levels in an case.  

BANK NIFTY August future – We are about to get even 24000 levels now. This may not be as weak as Nifty but it is definitely going to be weaker. Technically, if it breaks 24000 then it will get further room for fall as we are about to see big gaps between supports. One can expect a fresh fall of 200-300 points more if it breaks 24000.