You must read previous articles and watch the given chart carefully to
understand this article completely.
07 February 2017: -
On 06 February 2017: FII Net Sold – 403.52 INR Crs: DII Net Bought – INR – 449.52 Crs
Wow!!! 8800, here I need to think. Well, 101% I was not expecting
anything even close to 8800 just a month back. The things have changed. I was
not able to update yesterday’s article but left a message on twitter with a
possibility of 8900 by this week. Shall we expect more? There are two ways
opening form this point. One is reflecting from the given chart which is
showing for extension of this wave which can challenge no only 9000 but it may
challenge for a new all –time high. If that’s the case then there will be no
great fall in the year 2017. Second point is more important, the next top will
be very crucial if it fails to break for new all-time high. It will be named as
double top on long term chart. In that case, if it comes then 2017 will be year
of fall. Well, whatever comes we will came to know by this month itself. I am
not in hurry to decide anyone of the two given way. A double bottom like
formation with second bottom below 7900 was misguiding?
It’s simple, either a new five way to start or double top.
For today’s trading I am expecting Nifty to open on flat note. Two important
supports for Nifty now are 8740 and 8660 which can save market from any bigger
jerk. It does not look like we can get fall by today or tomorrow but a profit
taking deserves. Intraday down side may be an opportunity to trade long and add
long. I still believe that 8900 is on the online.
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 February
future – Well, there is no point to talk for immediate fall unless it
closes below 8740. So it is looking up for 8900 to 8940 levels. Why not, it can
challenge 9000 levels too. Too sharp up moves run with big risk and that is
something one need to be careful. Fall will not come with warning so stop loss
must be on job. Higher levels may come.
BANK NIFTY February future –
It came very close to 20500 and it is at a crucial juncture. The next thing
that we can talk now can be 21000+ levels and then only we can think about
higher levels. Technical set for Bank Nifty is looking much better than
technical set up for Nifty. If rally has to come then it will be much greater
on Bank Nifty. Technical support is at 20300-20200 levels and down side may be opportunity
to trade long but I have no great idea about stop loss.
