You must read previous articles and watch the given chart carefully to
understand this article completely.
07 March 2017: -
On 06 March 2017: FII Net Bought – 564.15 INR Crs: DII Net Sold – INR – 481.96 Crs
We have great technical set up right now. It has almost formed a
double bottom support at 8860 and closed almost 100 points higher yesterday. If
it has to cross 9000 marks then we have another better day as today. Will it
able to cross? Well, as long as it is saving 8800 I must say that market will definitely
make few more great attempts.
Reliance is on rise right now. Indian market has history in making top
with last rise in Reliance. Will it follow the same trend this line? Only time
can answer but as of now bulls has no great threat. If threat comes it will
come in unexpected way. I must repeat that if market has to make a new all-time
high then market will make it with outcome UP state election where market is
anticipating a win for BJP. May be it can be a trigger and may be a next fuel.
For today’s trading I am expecting Nifty to open on flat to positive
note. I am active on stock but not on index yet. As long as Nifty stands above
8900 there is no great point to expect any intraday weakness. I am equally not
very confident for easy cross of 9000 but I will give edge to bulls. When we
have so many better stocks, then why to deal index?
A new all-time is required. If that happens then it will be
confirmation of next big rally in Indian market which can extend rest of the
year without any threat of big price correction. In normal circumstances this
kind of levels demands extreme caution to deal. Remember, may global indices have
traded well above their previous all-time high with breakout.
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
– SGX Nifty is giving a sign of positive start around 8975 and then we will
live with great possibility of hitting 9000+ levels. A simple view is that it
can cross above 9000 to give a test of 9030. Sustainability will decide for a
short covering rally to make a new high. It can happen either this week of
early next week.
BANK NIFTY March future – Once
again, it has chance of coming close to 21000 which may act as next technical trigger.
We can see a possibility of hitting 21500 on good volume cross over. Technical support
is now at 20700 and then at 20500 levels. So far, looks just to trade long but
trading range may not give great comfort.
