You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis 15 September 2017: -
On 14 September 2017: FII Net Sold – 1334.23 INR Crs: DII Net Bought – INR – 793.31 Crs
As expected we are witnessing resistance at higher end again. It is a
psychological resistance near to all-time high. Technical charts are suggesting
that this meaningful resistance may take down market again. Alter sense is also
true that above 10150 it can shoot up for next 200-250 points higher. As of now
I am taking the cue for down side which should be a possibility.
For today’s trading session, Nifty is likely to open at negative note
as indicated by global market. Technical resistance will be at 10150. It can
get support around 10000 marks which should be tested. If it stars trading
below 10000 marks then it can fall for few more levels which may be near to
9900 but that may happen next week.
There is no much sense to be on long side with crossover of previous
top.
I still like to quote that Elliott wave extension has a target of
10400 but will it hit or not it cannot be said.
Alter sense, if market makes a new all time high then momentum can
take Nifty towards 10400 levels.
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 – I picked soft short trade yesterday and holding it for today. I am
keeping a smaller possible stop loss above previous all-time high. Now, if it
can break 10000 marks then I can expect more down side. If I stopped out then
only I will think to be on long side. for the day I am expecting a down side or
indication of down side.
BANK NIFTY September future
– there is no great change in study. It has a high at 25200 on index which is
almost 400 points or 2% away from current levels. Technical support is still at
24000 kind of levels for September Future. Moving on higher side the life time high is
still a resistance mark. I am not suggesting to go for trade on this index as
it contains higher degree of rick of being truncated.
