17 November 2017: Nifty Elliott wave analysis: Rebound target can be extended above 10320 levels. Can it have enough momentum to hit for new all-time high?

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Analysis 17 November 2017: -

On 16 November 2017: FII Net Sold – 447.42 INR Crs:  DII Net Bought – INR – 847.45 Crs

I have already predicted for the bounce of 150 points which came yesterday and whatever target has left yesterday will be done by this morning opening quotes. The next extended target for the bounce is at 10320+ levels.

From this point we have two possibilities. First is, we can see Nifty moving in line with global market and Nifty can hit a new all-time high again. Second possibility is that it can go in parallel with Fibonacci retrenchment and it can see resistance at or just above 10320. If this happens then we can need to the indication for a big price correction of around 400-500 points.

I must say that correction is inevitable and it will come sooner or later. Today is crucial to see the resistance.

For today’s trading session, Nifty is likely to open strong note backed by strong global cues. If you have bought the index yesterday and then you have reasons to smile. If you have missed then simply do not trade.  

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 – As suggested, it rebound and opening is likely to be around 10350 levels. I may prefer to book my profit on long position at higher levels. I am not very keen to buy for 10400 but I must accept that it can hit levels above 10400.  

BANK NIFTY November future – It is not decisive yet for trades. 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.