24 November 2017: Nifty Elliott wave analysis: 10400 is proving to be a meaningful resistance. 101% caution required.

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

Analysis 24 November 2017: -

On 23 November 2017: FII Net Bought – 73.22 INR Crs:  DII Net Bought – INR – 222.21 Crs

So far, form a bounce of 10100 levels we are witnessing meaningful resistance at 10400 levels. I am advising a strong caution at these levels. Unless it goes above 10400 we may fail to see momentum at higher side. We may see a possible signal of weakness form higher levels very sooner. If it does not come then I will prefer to avoid trades.

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 on flat note. Afterwards it will face resistance again in the zone of 10350 to 10400 levels. We may see first signal of weakness if Nifty can sustain below 10300 levels. It may be a dead session if it fails to fall.

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 have nothing great to add. One must avoid adding long at these levels as it is a zone of resistance. Yesterday’s low of 10300 may be the clear zone of support. Below which it will give a fresh signal trade on short side.  

BANK NIFTY November future – I am not active on this index since stimulus. In my view it is not going in the expected way although it is up. It is giving signs of tiredness which may be an early indication of weakness. There are many banking which is not in parallel with this index. 25800-26000 is a zone of resistance and it may fail to see a crossover.