You must read previous articles and watch the given chart carefully to
understand this article completely.
22 February 2017: -
On 21 February 2017: FII Net Sold – 1435.76 INR Crs: DII Net Bought – INR – 1535.44 Crs
It has done 8900 levels and closed on some better note. So far it is
looking like to hit 9000 levels. We can expect a short covering based rise near
to expiry. Technical support should not be the concern as momentum is still
stronger.
For today’s trading I am expecting Nifty to open on flat to positive
note. We can expect trading support at 8880 and then at 8830. I am expecting a
rise to continue near to expiry. Global strength is key and fuel. Will Nifty
ever go in correction mode? Answer is simple; correction will come only at some
unexpected time. I am not in anticipation mode. My expectation for the day is
9000 now.
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 March future
– Have a look, it may open around 8950. We do expect the possibility of 9000
today. We get it or not on dot is different point. A rise is expected. Technical
support is at 8900 and I strongly say that one must avoid shorting. Use dip to
buy. Only concern is that trading move will be limited to just few minutes. That
minutes can be in first hour or last hour.
BANK NIFTY February future –
My view remains same. It was looking to give 21000 and it is inching closer. Let
it come. One thing is sure that above 21000 it will go furious and rise may be
rapid. I can repeat that it is banking index which going to give good support. Technical
support will come in the range of 20600-20500 levels. It is great so far.
