You must read previous articles and watch the given chart carefully to
understand this article completely.
20 February 2017: -
On 17 February 2017: FII Net Bought – 8043.17 INR Crs: DII Net Sold – INR – 5631.91 Crs
Will it challenge 8900von Nifty? Logic says yes that it should hit. Technical
are also supportive but this zone is proven as a zone of most stiff resistance
so far. I still bet for 8900 before any great up or down further. Will correction
hit anytime sooner? Answer is simple that if correction has to come then it
will come in unexpected way.
For today’s trading I am expecting Nifty to open on flat to positive
note. As there are so many dull sessions so it is very hard to predict which
day it will break. So far it looking up and looking to hit 8900 levels. I am
not very firm due to the possibility of choppy moves. As we are in derivative
expiry week so I am expecting that it should give some great direction this
week.
Warning sign must be here from February top. It may prove to be a
counter trend rally on long term count.
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 – Near to expiry I am not expecting Nifty to run with great premium.
Just for once or at least for once 8900 is the figure with is on demand. The time
is on. Technical support for today’s trade will be at 8800 levels and expected
levels to come is 8900. Let us see.
BANK NIFTY February future –
It has closed above 20500 and that’s also a fresh move with a save at 20000
levels. In normal circumstances it must be very first sign of 21000. If
unexpected does not happen then I will expect 21000 on Bank Nifty. It is
looking stronger than Nifty now. In down side it will support at 20300 and then
at 20000.
