12 September 2017: Nifty Elliott wave analysis: Can it able to see much momentum above 10000? I doubt.

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

Analysis 12 September 2017: -

On 11 September 2017: FII Net Sold – 392.52 INR Crs:  DII Net Bought – INR – 877.37 Crs

Well, we are finally on 10000 marks and this is the highest possible zone which I have anticipated few days back. I am still advocating that market may not move much beyond 10000 levels on higher side. This may go range bound in this zone. If this is the right shoulder then this kind of moves is much anticipated but it may find it tougher to remain high.

For today’s trading session, Nifty is likely to open at flat to some positive note. Technical patterns are suggesting that today we may see some domination by bulls which must be purely based on momentum which it has created yesterday but resistance are very likely to emerge very sooner. It is advisable not to be long unless market takes out its all-time high.

Alter sense, if market makes a new all time high then momentum can take Nifty towards 10400 levels.

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 am still not picking traded on Nifty. There is no sign of weakness and I am not sure about rise unless it takes out all – time high. For today’s session we can expect resistance at 10060 to 10080 levels and support lies at 9960. I am not favouring trades today.

BANK NIFTY September future – Is it showing same kind of momentum as of Nifty? No, it is not. I strongly advise not to participate in this 100-150 kinds of up move which is used to get in these days. Remember it has not to many supports in down side below 24000-23800. One can say that it is much higher than those supports but it is not safe to be long on top in any way. Be on side line.