You must read previous articles and watch the given chart carefully to
understand this article completely.
On 24 August 2017: FII Net Sold – 696.93 INR Crs: DII Net Bought – INR – 1044.36 Crs
Well, we are on derivative expiry week after a long week end. As expected
last week was limited for trading as index remains in the range of 100 points. Once
again technical cues are not greatly in favour of wide trading zone. Derivative
expiry can be the only hope for some fire work.
Expiry factors may favour bulls as it has saved 9700-9685 support zone
so hope for higher side is still alive although I do not think that market may
see easy test 10000 marks for this week. I can still quote that market is not
going to show further great sign of correction as long as it is above
9700-9685. If it breaks 9700-9685 then we can expect further slide of 400-500
points of Nifty so I am very calculative.
For today’s trading session, Nifty is likely to open at higher note
but big question is that will it sustain the rise. Can it able to cross 9900
marks. There are many such questions and answer is not very clear. I am
expecting market to test 9900 marks for this week and which should come on Monday
itself. Well, I am not going to be very bullish from 9900 without seeing the
reaction.
Top are still expected to come at 10400 but I am not too firm now. I
was bullish from 9000+ and I will take market part wise. Firstly, I am focusing
if this recovery can go around 10000 levels or not. First cross of 10000 was
important but now it is more important to see the second attempt.
I am maintaining my bullish instance from 9000 onwards. Length of the
rally should be from 9000 to 10400 levels. It hardly matters if this magnitude
goes 1400 points exactly or goes as 1300 points or 1600 points. Call was
bullish above 9000 and so far it is pity successful.
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 an unusual and healthy phenomenon.
Strategy for Nifty September
future – It is likely to open above 9920 levels. It can surpass higher
levels and it is expected to test 9950 kind of levels. Further moves depend on
the kind of volume generating at those levels. In the lower side it will get
support at 9860-9840 zone. This zone remains critical. There is a possibility
of too many swings in this zone.
BANK NIFTY September future
– It is currently trading at 24400 levels. Now, it is expected to take a
support at 24200 on closing basis. If it has to get up move then also it will
face resistance at 24700 zones. Well, I strongly expect a stiff resistance at
24700 zones. I will prefer long trade on this index only if this can surpass
this levels.
