You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis 08 September 2017: -
On 07 September 2017: FII Net Sold – 564.00 INR Crs: DII Net Bought – INR – 245.32 Crs
Is this market going anything? No, it’s in a range which was
anticipated. A flat channel is visible in the chart also. I am strongly recommending
that one should avoid this kind of zone for any kind of directional trading activity.
It just turned shy near to 10000 Nifty levels and this is not new. Even
if market goes above 10000 then also it will not have any great room to move
up. One must note that there is a
possible formation of H&S pattern on daily chart. This is going to be the
formation of right shoulder.
For today’s trading session, Nifty is likely to open at flat note. This
may not able to attract much activity even in the last trading day of the week.
Now, it is safer to avoid market. If I have to make a choice then I will prefer
to take short deals at top. This is just my tentative view as I am not participating
on index right now.
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 – I do not find any great reason to trade on Nifty or any other
bluechip index. All are alarming and dead. It will face resistance at
10000-10020 levels with key technical support at 9930 and then at 9880. Things
may be critical but as of now it is dead flat and seems that market is resting
for taking fresh moves.
BANK NIFTY September future
– I do not need to change my views and study on Bank Nifty. I was not confident
on this index in recovery and still my views remain same. If market has to
crack then we can expect some substantial impact on this index. Technical
levels of support may be just at 24000 and then at 23800 but we may not have
too many good support in down side. if this index starts sliding then it can
see a possible dip of 1000 points in near future.
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