13 September 2017: Nifty Elliott wave analysis: Market may take attempts for New All-Time high. Will it succeed?

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

Analysis 13 September 2017: -

On 12 September 2017: FII Net Sold – 1230.74 INR Crs:  DII Net Bought – INR – 1313.08 Crs

As it is shown in graph market is trying its best to challenge its all-time high. It is definitely going to be interesting to see how it is going to react now. Technical challenges must emerge anytime. If it does not then market can surely able to extend more above new all-time high. I am not very confident on rally any more. It has almost done and this sharp reaction must be the part of final attempts.

For today’s trading session, Nifty is likely to open at flat to some positive note. Patterns remain same. It tries to achieve new all-time high and it is expected to make such attempt even today. Will it succeed? I have no take on this. I just like to see how it is going to shape up. There are many stocks which are under performing and specially banking index and hence I am not very confident for rise to extend much.

I still like to quote that Elliott wave extension has a target of 10400 but will it hit or not it cannot be said.

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 and I will not. Technical resistance can emerge at 10130 to 10150 levels. It is likely to be a dead day before taking a big move. I suggest to be on side line.

BANK NIFTY September future – It has a high at 25200 on index which is almost 400 points or 2% away from current levels. Technical support is still at 24000 kind of levels for September Future.  Moving on higher side the life time high is still a resistance mark. I am not suggesting to go for trade on this index as it contains higher degree of rick of being truncated.