21 November 2017: Nifty Elliott wave analysis: Do not be long from higher side after gap up opening.

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

Analysis 21 November 2017: -

On 20 November 2017: FII Net Sold – 358.74 INR Crs:  DII Net Bought – INR – 613.00 Crs

After bounce from 10100 levels, I am advocating to restrict the buy trade again near the resistance 10350-10400 levels. This market may not do anything great on upside. It is bound to be restricted. I am still firm that sooner or later correction of magnitude 400-500 points may hit. Well, I still cannot quote for timing. So far, market is about to be side line if it prefer to stay above 10300 levels.

Nifty has all- time high at 10490 which was just short of 10500 levels. This may prove to be top the top but significant signals has yet to come.

For today’s trading session, Nifty is likely to open strong to positive note backed by strong global cues. I am suggesting that if market opens around 10350 levels then do not prefer to trade as misguiding signals may emerge. This is certainly not going to be buying above 10350 as we may see continuous resistance emerging at higher side.

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 – I took one long trade and now I am out of it. I am not going to touch it again from higher levels. It may have a logical resistance at 10360-10400 levels. This zone may not take out easily by Nifty. If a correction has to hit again then what can be better levels than 10400 from higher side.

BANK NIFTY November future – It is giving another feeling of breakout and in fact saving blue-chip index at higher levels. 26000 is going to be psychological resistance and this may be another tougher levels to cross. Technically, this index is still looking stronger but money flow and risk-reward ratio is not suggesting a trade from this levels. Just stay away from long. It may pinch you for some time but this is what technical charts are suggesting.