You must read previous articles and watch the given chart carefully to
understand this article completely.
23 March 2017: -
On 22 March 2017: FII Net Bought – 356.64 INR Crs: DII Net Sold – INR – 799.91 Crs
Definitely, I was expecting this pullback and it stop at very expected
point – a level near to 9000 on Nifty. It is just a gap fill up trades. As it
has filled the gap up so we can see good trading support running at 9000-8980
levels.
This is interesting level where we can expect market to take a pause. If
it really a breakout situation on long term chart for next big rally then this
is perfect point for bounce. My expected support will remain at 8980 which I have
quoted in past few trading session. I am still suggesting that traders must
watch the reaction at 9000 or nearer support level. Here, we may have big
trading opportunity. If it breaks then it can be alarming. If it makes then
9300 may be on the card before expiry.
Do not be blindly bullish. Every stock 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
– Nifty is likely to open on 9070 as indicated by SGX Nifty. Well, it is below
the expected support of 9080. My view remains same, Nifty March month future
can test 9030 if it maintains trades below 9080. Lower levels will be decisive
and interesting. It can either break for another 100 points or it can make for
300 points up.
BANK NIFTY March future – It
was a good pause at lower levels. It has technical support at 20500-20600 but
it took support at 20800 levels. This is a reflection of better relative
strength. Well, if I have to negotiate for a buy price then I will prefer only
the range of 20600-20500. One must watch lower levels very carefully. I repeat
that one should not be blindly bullish at every level. Sometime, it is better
to ignore trades.
