27 September 2017: Nifty Elliott wave analysis: Even the bounce before expiry may not have great meaning unless it stays above 9948.

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

Analysis 27 September 2017: -

On 26 September 2017: FII Net Sold – 1915.54 INR Crs:  DII Net Bought – INR – 1537.10 Crs

Well, Nifty hit a low around my expected support of 9800. It may be giving you sign of revival but this revival may not have much life. A truncation is usually a pattern which can spread a state of confusion amongst bulls and bears both.

My view is simple that market may not go much above before Dipawali. There may be the impact of festival season. It is looking like Nifty may not be in the mood to cross 10100 to 10200 levels immediately in near future.

For today’s trading session, Nifty is likely to open on strong note as indicated by SGX Nifty. Does this have big meaning? My view is that it may be coming to misguide you. I have pivotal point which is at 9948 levels. If this can surpass this levels and sustain then only I may think to trade long. Else I may prefer to just ignore the bounce or recovery whatever one says.  

There is no single sectoral indices which can come to rescue index. Bad shape economy has very higher valuation for stock price. Just stay away from investment too.

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.

Strategy for Nifty October future – We may have expiry impact and I may not be very keen to trade. We may see some odd bounce but there is no great sign to trade long. I like to see weakness to emerge at top. Will it come? I anticipate that it can come. Let us see. Technical support is at 9900 while moving on higher side 9980-10000 may act as resistance.

BANK NIFTY October future – This index is my prime concern that it is showing weakness with great consistency. Even for October future I suggest that we may not have too many great support below 24000-23800. This index is sustaining at edge. Do not prefer to trade long. If possible just avoid this index till expiry. This may shock in any side.