You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis for 23 June 2017: -
On 22 June 2017: FII Net Sold – 198.68 INR Crs: DII Net Bought – INR – 455.21 Crs
I am now more firm on my call of price correction. It does not matter
if we fail to see broad range in the month of June so far. Range may open any
time and if not then we can expect broader range in July month. Well, it is
looking to see fall sooner.
It has almost confirmed the possibility of fall when bull best effort
failed at top after making a newer higher high. It has failed to attract new
buyers. Now, based on chart we have “The most crucial support” is at 9570
levels on Nifty. Break of this support will give great indication of upcoming
fall. It should happen sooner or later.
Shall we talk about the possibility of 10% correction? Take a note
that this rally is shaper and even quicker than my expectations. Historically,
this kind of rally may have a possibility of profit taking wider than expected.
Shall it be bought at dip? Yes, why not. I am not focusing on bigger price
correction first and I will be the first buyer at the possible bottom.
For today’s session, I am expecting market to open on negative side
again. Now it is going to test the support of 9570. Take a note that that so
far it was tested resistance and now it should start testing supports as bulls
may feel tired. Suppose if it breaks 9570 today, i.e. on Friday then we may
have possibility of price correction in the following week.
I can say that first sign came from sectoral performance. Under
performance goes critical and hence I believe that some money may be pulled
from bluechip index too. Before you think that I am bearish then let me update
– I am firm on my target of 10000 on Nifty. This will just be the meantime
price correction which is a usual and healthy phenomenon.
Strategy for Nifty June future
– I added more shorts yesterday in Index as it was opportunity. Now, I have
just one take. I am going to wait with short deals. My first threshold point is
at 9570. On higher side 9700-9720 has already proven resistance. Market does
not seem to have buyers at top. Let us see.
BANK NIFTY June future – I
have already quoted that this index is not weak and it has almost tested 23900.
Will it give some strong sign of shorting? I can say that this is the index which
is stopping me from aggressive shorting. What would have been if this also
gives strong sell? It has thresh hold support at 23400 and that’s too far.
