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.
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