You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis 20 September 2017: -
On 19 September 2017: FII Net Sold – 1719.62 INR Crs: DII Net Sold – INR – 77.68 Crs
It is true that Nifty is above its previous all-time high but market
is not showing the kind of momentum which was expected from earlier. We are now
entering in to festival season in Indian and this month used to be dull
historically.
What can we expect now? To be fair, I am not in the great mood to
participate in market. It has a scope of rise for 200-250 points more but
chances are high that market may top out afterward. This is going to be key for
next trading strategy. Technical support must be at 10000 levels.
For today’s trading session, Nifty is likely to open at dull note and I
have no great expectation from the day. It may be dull and may remain in the
range of 30-40 points. 10100 levels may be trading support but it is very
unlikely to test those. Do not trade in dull market.
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 am expecting market to open on dull note around 10150 levels. It
may be here and there in just few 30-40 points of range. I was expecting 10200+
levels but it seems that market may not deliver those. Equally, do not trade
short unless some strong sell emerges?
BANK NIFTY September future
– It is trading at 25000 levels. I am not very keen to trade in this kind of
market. Technical charts may be looking to favour bulls but momentum may be
supportive for long time. Ideally, it is going to be undue risk for trading
which I like to avoid. Simply, do not trade.
