27 November 2017: Nifty Elliott wave analysis: Be cautious on derivative expiry week. 10400+ is still a meaningful resistance.
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understand this article completely.
Analysis 27 November 2017: -
On 24 November 2017: FII Net sold – 416.28 INR Crs: DII Net Bought – INR – 427.63 Crs
We are on derivative expiry week and we saw a hit on 10400 on Friday’s
session. I still stick on my view that this should be maximum possible stretch
for rise. I have quoted for the fall on expiry week when month began. Now, the
time has come for extreme caution.
Technical resistance above 10400 will be only at 10490 but I do not
think that market has enough steam. If market is heading higher then we has
good participation from global market only.
For today’s trading session, Nifty is likely to open on negative note
as indicated by SGX Nifty. Suppose if it fails to stay above 10400-10404 then
we can take a confirmation for a possible slide this week. Even if market rises
I will not prefer to participate. Threshold support will be at 10300-10280
levels.
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 of now SGX Nifty is showing for opening around 10380 and this
is going to give us immediate resistance at 10420-10430 levels. If cracks below
10350 then we can expect some rapid slide. This study is applicable till expiry
day. Be cautious due to derivative expiry this week. Market can be brutally
volatile.
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.
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