You must read previous articles and watch the given chart carefully to
understand this article completely.
21 February 2017: -
On 20 February 2017: FII Net Sold – 433.38 INR Crs: DII Net Bought – INR – 827.90 Crs
Slowly and steadily Nifty has moved towards the demanded 8900 levels.
Market may be in limited range as currency and debt market are closed due to
municipal election in Mumbai. Well, technical charts are demanding 8900 and
next course of action will be decided only after seeing the reaction at 8900.
Can it challenge 9000 before expiry?
For today’s trading I am expecting Nifty to open on flat to positive
note. We can expect trading support at 8830 and then at 8800. On higher side
8900 is decisive levels. Cross above 8900 may give a quick fire 8940 levels.
Well, I am not expecting this much action today. It may be dull to slow to
steady in limited range.
Do not deal in the market if it remains in a range.
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 – I still 8900 which is expected to hit by today. I have no take on
what is going to happen next. Wait-watch and then trade, if it can stays above
8900 levels. It may not be easy as it is looking as of now. Let us see. Technical
support is at 8840-8830 levels.
BANK NIFTY February future –
My view remains same. It is looking better than Nifty. 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.
