09 October 2017: Nifty Elliott wave analysis: Do not try to trade narrow trading sessions. Expect resistance emerging on higher side above 10000.

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

Analysis 09 October 2017: -

On 06 October 2017: FII Net Sold – 1040.40 INR Crs:  DII Net Bought – INR – 1239.74 Crs

Shall we still expect big for directional move? My answer remains same. One can expect intraday swing but over trend is still directionless. Technical momentum indicators are still showing that market may not head anywhere. 100 points plus or 100 points minus does not matter for this range.

SGX nifty is down right now which is nullifying major part of last trading sessions gain. This kind of moves is likely to continue till Diwali.  

For today’s trading session, Nifty is likely to open on negative note. Expect trading support at 9900 levels after opening. On higher side 10000 levels is still a key resistance which market is trying to break many times in past and broken also. Still buyers were not very active above 10000 Nifty, suggesting that market is in search of fresh buyers and that’s missing.

Do not trade level wise as those may not be very accurate in a range bound sessions. Its my expectation that trading ranges are going to be very narrow and moves are limited to some small patches of times, like, only in the first 30 minutes or in last 30 minutes or in that way only.

Simply, money is not very active now.

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 – Above 9900, it has a chance of coming to 10000 and it has done. Now, can it advance much above 10000? Well, I do not think in that way. It may give up and try to settle near to 9900 levels. This is based on many momentum indicators study. On higher side, 10020-10040 is a zone of resistance.  

BANK NIFTY October future – My study remains same. 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 24400-24500