You must read previous articles and watch the given chart carefully to
understand this article completely.
11 January 2017: -
On 10 January 2017: FII Net Sold – 21.20 INR Crs: DII Net Bought – INR – 253.36 Crs
Nifty came near to 8300 again. If this has to make a top then this can
be the level. Question is will it make a top? I can say that if top comes here
then it has completed a formation of “W” pattern. This pattern has a hallmark
trade that it would not give easy break of the range. Hence I do not believe
that much upside has left for market.
Yesterday market opened on strong note that closed on stronger note.
For today’s trading we can expect some encouraging opening and this
may give a feel a feel of break out. I have strong doubt that it will be a
break out. I am not going to recommend any levels for the day but it is my anticipation
that Nifty may fail in the range of 8320-8340 levels. My plan is to predict a
top and short. Will it work on shorting? So far, this rise has not given
anything much to bears.
This remains part of my article. We may be under bear market till 31st
March 2017 and what I am talking is a pullback of bear market on medium term
wave count. Someone asked me if global market is up how can Indian market be
down? Well, that’s the way and that’s what Elliott wave has convinced me.
I am just writing my view and I am least interested in learning or
sharing so please do not make sure request.
Do not misinterpret. I gave a long term trend as down from more than a
year back. Nifty hit 9119 and then I issued for a long term top. Nifty hits a
low at 6825 on Budget day this year. After such down side, wave theory had
suggested for comparable recovery with three big possibilities for
retrenchments, first to come at 50% at 8000, 61.80% at 8250 and 76.40% at 8575.
101%, I retain my view for long term trend down but that does not says
that we cannot interprets for short to medium term of recovery. This recovery
was bound to come and it is coming to make a wave [B]. Now, just imagine the
magnitude of wave [C]. Higher the retrenchment, bigger fall will hit in future.
If this wave [B] tries to end up near 9000 then 9119 may not be visible for
many years. So, where is my long term target on Nifty? Well, it is in the zone
of 6000-5500.
Strategy for Nifty January
future – Few days back it was near to 8330 and it may take such attempt again
as shown by SGX Nifty. Will it sustain? I see a high possibility of truncation
based on levels. Can momentum sustain ahead of quarterly results? We need a
negative close to see change in trading trend which is not impossible even
after gap up. I will update more on twitter.
BANK NIFTY January future –
This is performing better than Nifty now and in fact it has driven Nifty so far
to a good extent. Technical charts are justifying for 18600 levels. My view is
that a top must be near. It is just repeating December month levels. Its purely
my anticipation and technical confirmation has yet to come. Let us see how it
comes and when it comes.
