03 October 2017: Nifty Elliott wave analysis: Massive gap up opening coming. Warning sign- do not add long on gap up.

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

Analysis 03 October 2017: -

On 29 September 2017: FII Net Sold – 1546.86 INR Crs:  DII Net Bought – INR – 2064.63 Crs

Nifty is not doing much after making a double top and a double bottom formation. One can say that top was higher. Still, it is just not sufficient to say that this higher level was safer enough to name as higher top. So far market is looking to go on side wise direction due to festival mood which used to continue till Diwali.  

It is just not better to participate for anything on index for positional kind of trade as moves are expected to be limited to very limited. As long as 9680 holds I cannot say that market is going to open wider on down side.

For today’s trading session, Nifty is likely to open on strong to positive note. Technical support may be at 9750 before 9680. If it opens higher and stays higher then I strongly suggest waiting for opportunity to short which may come anytime. As of now, I cannot specify any levels for such activities. Take a note that market is already going to eat opportunity for rise due to gap up opening which can be as strong as 60-80 points. So be on the safer side.

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 – It is likely to open at 9880 which is going to be too big in this kind of circumstances and eating all possible opportunity. It may not expect much beyond those levels due to multiple resistances arising above 9900 levels. So, I will look for an opportunity to trade on short side but only if I can see a possible weakness. So it is still a speculative call.

BANK NIFTY October future – This index is my prime concern that it is showing weakness with great consistency. Even if it opens higher then also I do not see much possibility of trading higher. 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. Technical resistance will be at