You must read previous articles and watch the given chart carefully to
understand this article completely.
20 March 2017: -
On 17 March 2017: FII Net Bought – 1532.39 INR Crs: DII Net Sold – INR – 711.50 Crs
Well, we saw a high of 9218 in the past week of trades. Most of the
time for intraday session it is trading dull. Technical charts are definitely in
favour of bulls. Big question is that will it register momentum again for this
week too. As long as it is above 9000 levels we can see the possibility of
fresh build up. Take a note that fresh build up is required to see a move above
9500 levels.
There is no technical resistance on index or stocks which goes on all-time
high. Technical correction may not come. In this case time consolidation should
be considered as correction. Price correction may not come.
For today’s trading Nifty will open on flat note or it may open even
negative. I am sensing that buyers are not much interested in dealing to buy so
far. It is true that this week can be a turning point of wave chart. My view is
cautiously bullish but I am not taking any trades on index. One must remember
that we have a big gap up in between. A gap fill is a natural process and it
seems those buyers are waiting to see whether it will be filled or not.
Do not be blindly bullish. Every stocks may not generate money.
I am convinced to remove this warning part (paragraph given below)
form my analysis. When I issued this it was 9100+ and then it hit a low around
6825. I am not bearish on my trades from 8400 itself. A true sense is that
Indian market may not fall at least for in coming three months from here.
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. It is definitely true that my next target
has done come. Still from 9100 to 6825 was not bad either.
Strategy for Nifty March future
– We can expect an opening at 9150 levels as reflected by SGX Nifty. I am still
quoting for a support of 9080 levels on March month future. We may get a dull
trade today as of past few days. In that case trades must be avoidable. It just
makes lesser sense for silence at new all-time high. Trading will depends on
intraday levels rather than short term to long term wave count.
BANK NIFTY March future – Well,
21700 may be on the card very sooner. Technical support is at 21000 levels. One
can prefer to add long in some pullback with stop loss near or below 21000. If
I am right then Bank Nifty has great potential to hit levels like 22000 sooner
by this month itself. Banking stocks are real performer. It demands caution. Above
is just my view which has yet to be converted in to trade. It depends on
intraday development.
