You must read previous articles and watch the given chart carefully to
understand this article completely.
28 February 2017: -
On 27 February 2017: FII Net Sold – 145.55 INR Crs: DII Net Bought – INR – 263.79 Crs
We got a high of 8982 as a top of last week of trade. Well, it is very
nearby my expected levels of 9000. Big question is what’s next. Has the rally
done? So far it is very difficult to answer such question. Technical support
was at 8900 levels which have broken yesterday and Nifty has closed below the crucial
support. It was just a trading support. Wave picture is suggesting for a halt
in this rally for the time being. This time being halt can invite technical correction
which is overdue from long time.
For today’s trading I am expecting Nifty to open on flat to negative
note. Very first day of this month expiry has traded on weak note and I am
expecting price correction for this month. So, is it something like February top?
We will get answer this week. I must say that as long as 8660 maintains we cannot
say that market will not advance further. It can and it depends on further
development. Upcoming halt or price cannot will be a pullback so far.
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
– It has just missed 9000 mark and yesterday was very first day when we saw
price correction to sustain at lower levels. For today, take a note that if it
can sustain below 8900 then we can expect some extension of price correction. May
be, if it works then 8830-8800 may come on screen. Let us see.
BANK
NIFTY March future – 21000
levels will act as resistance the way it did in past few days. There is a formation
of short signal on hourly chart when it was trading at 20800 levels. At that
time it has developed a technical target of 20400-20300 levels. Remember 20300 is
also a short term technical support. Will it make or break at those levels? Only
time can answer. As of now, Bank 
