16 November 2017: Nifty Elliott wave analysis: A rebound is possible as it has done downside technical target of 10100 almost.

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

Analysis 16 November 2017: -

On 15 November 2017: FII Net Sold – 381.42 INR Crs:  DII Net Bought – INR – 869.09 Crs

It was well expected fall towards 10100 levels. I was expecting this from the recent top. Now, the next big thing is that weather it will retrace the fall or will it fall in one go. In that respect, today is the decisive day. I see a high chance of retracing the fall. This bounce may be for 100-150 points of fall at the max and then real fall may begin for almost 400-500 points.

Above is my tentative view for 8-10 trading sessions and hence I can say that it will see a volatile expiry or a fall near expiry.

For today’s trading session, Nifty is likely to open on flat note to positive note and supports are expected in the range of 10100-10080 levels. If it breaks then be ready to see 10000 levels. Is there any point to buy? Yes, if it gives signals for strength for rebound then one can buy with stop loss below yesterday’s low.

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 – Will it be the day for rebound? A simple view is that if it has to rebound then today must be the best day. At least it needs to save yesterday’s low.  Rock hard support will be at 10100. I may be buyer for the bounce now. My target can be 10270.

BANK NIFTY November future – This is just a dead index so far. Neither responding to fall nor rise. This is turning to be critical on time chart. I see a possibility. If index has to break for down side then Banking index may see more hammering and it is just throwing confusion before fall. There is no such technical indication yet for selling. I am waiting for such signals.