You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis 04 September 2017: -
On 30 August 2017: FII Net Sold – 832.81 INR Crs: DII Net Bought – INR – 731.72 Crs
It was a great closing on Friday’s session. Nifty surpass above 9925
and came very near to 10000 levels. Now, there is some news about North Korea
again which is giving some global unrest. Well, whatever be the geopolitical
situation but Nifty technical is suggesting that we have developed the support
at 9950-9925-9900 in down side which used to be the resistance while it was
moving up.
Big question – Shall I buy for positional in anticipation of fresh up
wave. My answer is same that market is out of the time where is used to move
much. Even if rise comes it may be limited in upside for this week. I can
expect maximum of 10050-10100 levels on higher side. Technical support is at
9900 levels.
For today’s trading session, Nifty is likely to open at negative note
which may be in line with global indices. Technically, we may expect an upside
attempt from the support of 9950-9925. I cannot bet if this can sustain on
higher side. Technical indicators are not that firm as of past time crossing
10000 marks.
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 at 9980 and that’s also impressive. We may
see some dip and if dip comes and it shows sign of strength then only one can
go for long trade. If it fails then simply ignore the day. It is likely to take
support at 9960-9950 zone where one can opt soft long with stop near 9930.
BANK NIFTY September future
– There is no great chance irrespective of what’s happening on Nifty, Bank
Nifty is dull. 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.
