20 September 2017: Nifty Elliott wave analysis: Even after new all-time high it may remain dull.

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

Analysis 20 September 2017: -

On 19 September 2017: FII Net Sold – 1719.62 INR Crs:  DII Net Sold – INR – 77.68 Crs

It is true that Nifty is above its previous all-time high but market is not showing the kind of momentum which was expected from earlier. We are now entering in to festival season in Indian and this month used to be dull historically.

What can we expect now? To be fair, I am not in the great mood to participate in market. It has a scope of rise for 200-250 points more but chances are high that market may top out afterward. This is going to be key for next trading strategy. Technical support must be at 10000 levels.

For today’s trading session, Nifty is likely to open at dull note and I have no great expectation from the day. It may be dull and may remain in the range of 30-40 points. 10100 levels may be trading support but it is very unlikely to test those. Do not trade in dull market.

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 expecting market to open on dull note around 10150 levels. It may be here and there in just few 30-40 points of range. I was expecting 10200+ levels but it seems that market may not deliver those. Equally, do not trade short unless some strong sell emerges?

BANK NIFTY September future – It is trading at 25000 levels. I am not very keen to trade in this kind of market. Technical charts may be looking to favour bulls but momentum may be supportive for long time. Ideally, it is going to be undue risk for trading which I like to avoid. Simply, do not trade.