14 November 2017: Nifty Elliott wave analysis: Longer it sustain below 10240, higher will be chance of further fall.

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

Analysis 14 November 2017: -

On 13 November 2017: FII Net Sold – 233.56 INR Crs:  DII Net Bought – INR – 268.77 Crs

It fell from higher levels as expected. This pattern is suggesting that even stronger bulls are giving up at higher levels. This may be prime concern for index rather than anything on technical side. Levels may not be so threatening yet but nature money is showing concern.

I have already advocated for price correction of 150-200 points and we got those. Now, 10240 must be the make or break levels. Longer it sustain below 10240, higher will be the chance of further fall. What can be the levels that we should expect now? Well, it can be 10100 to 10000 levels. It can be 10000 levels in worse case but again this may take its own time as there is no big trigger for wider moves now a day.

For today’s trading session, Nifty is likely to open on flat note. Immediate technical support at 10200 to 10180 levels which I am expecting to be tested. If slips further then we can see the levels of 10100 very sooner.

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 flat but this scenario may chance after opening. Technical charts are saying for make or break levels with this morning itself. It may see more slide if it sustain below 10220. It may either make from this support or it may break this support. Whatever is going to happen but it should happen quicker.

BANK NIFTY November future – I am already saying for resistance at 25700-25750. This index is dead so far and moves are just dicey. Sooner it will also give up, till that time analysis remains same. 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.