04 September 2017: Nifty Elliott wave analysis: Do not expect much great upside even if it crosses 10k marks this time.

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

Analysis 04 September 2017: -

On 30 August 2017: FII Net Sold – 832.81 INR Crs:  DII Net Bought – INR – 731.72 Crs

It was a great closing on Friday’s session. Nifty surpass above 9925 and came very near to 10000 levels. Now, there is some news about North Korea again which is giving some global unrest. Well, whatever be the geopolitical situation but Nifty technical is suggesting that we have developed the support at 9950-9925-9900 in down side which used to be the resistance while it was moving up.

Big question – Shall I buy for positional in anticipation of fresh up wave. My answer is same that market is out of the time where is used to move much. Even if rise comes it may be limited in upside for this week. I can expect maximum of 10050-10100 levels on higher side. Technical support is at 9900 levels.

For today’s trading session, Nifty is likely to open at negative note which may be in line with global indices. Technically, we may expect an upside attempt from the support of 9950-9925. I cannot bet if this can sustain on higher side. Technical indicators are not that firm as of past time crossing 10000 marks.

Top are still expected to come at 10400 but I am not too firm now. I was bullish from 9000+ and I will take market part wise. Firstly, I am focusing if this recovery can go around 10000 levels or not. First cross of 10000 was important but now it is more important to see the second attempt.

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 September future – It is likely to open at 9980 and that’s also impressive. We may see some dip and if dip comes and it shows sign of strength then only one can go for long trade. If it fails then simply ignore the day. It is likely to take support at 9960-9950 zone where one can opt soft long with stop near 9930.

BANK NIFTY September future – There is no great chance irrespective of what’s happening on Nifty, Bank Nifty is dull. It is currently trading at 24400 levels. Now, it is expected to take a support at 24200 on closing basis. If it has to get up move then also it will face resistance at 24700 zones. Well, I strongly expect a stiff resistance at 24700 zones.