10 November 2017: Nifty Elliott wave analysis: Make or break support at 10250-10240. If breaks 10240 then it will be interesting.
You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis 10 November 2017: -
On 09 November 2017: FII Net Sold – 713.75 INR Crs: DII Net Bought – INR – 231.25 Crs
I still stick on my points. Nifty levels nearby 10450 are for sell as
resistance emerging at 10500 and a possible target is nearby 10240 to 10250.
Well, this range invite many too and fro movement. The big question is what if
it breaks 10240 levels. I must answer. Break below 10240 will open a room for
fall towards 10000 levels. Will such easy fall possible. Technical indicates
are giving clues that this may be an easy and tradable falling. Hence I keep my
biasing for shorts from higher levels with suitable stop loss.
150-200 points of price correction may not be sign of weakness. This
is just a usual reaction which used to come on this kind of top formation which
came on daily basis. Such pattern of making newer top every day is on pause
from past three trading sessions. Tops used to come like this only.
For today’s trading session, Nifty is likely to open on negative mode.
This may invite support around 10250-10240 which is going to be make or break
levels. Will it rebound from such support again? Who knows, it is beyond the
scope of predication hence trade with caution when such levels comes.
I am not going to be greatly bullish anymore as I was bullish from
9000 and now I am expecting side wise to correction time. 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 November
future – SGX Nifty is trading with loss this morning confirming my view
that market is for sell at higher levels. I am keen to watch reaction at 10250
levels. I have soft short from higher level which I may be in mode to book as
trading range in narrow. If it breaks 10250 then it will be interesting.
BANK NIFTY November future –
I am already saying for resistance at 25700-25750. Even though Nifty was
stronger we have not seen any strength in Bank Nifty. That’s the reason I said
earlier that market reacted in timid way to capital infusion. Resistance of
25700-25750 is still applicable. As long as it is below this level it is
strongly suggested not to trade. I cannot say that we have weak signal yet. I am
not dealing on this index yet.
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