You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis 25 September 2017: -
On 22 September 2017: FII Net Sold – 1241.73 INR Crs: DII Net Bought – INR – 521.17 Crs
It was expected truncation in the market. I was expecting this to
happen at new all-time high. If I am right then one can notice a great support
line given in the chart. This support line has crucial meaning. Once it starts
trading below that support line one can expect market to crash by good
magnitude.
It does not matter how it goes, market is not going to be comfortable
much above 10100 levels. What Elliott wave is saying? We can see maximum of
10400 levels. We have witnesses one correction and then a bounce. We are going
to see such move next.
For today’s trading session, Nifty is likely to open at dull note and
then we can see further sell off mode. It is going to in the range of 9850-9800
levels sooner. Those who went short on truncation call must be enjoying a lot. Do
not opt taking long even if such signals comes. Either do not trade or trade
short side.
There is no single sectoral indices which can come to rescue index. Bad
shape economy has very higher valuation for stock price. Just stay away from investment
too.
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.
Strategy for Nifty September
future – Be fair, we can see fall of 100 points more. It has to hit
9850-9800 levels before expiry. On higher side no levels is safe. This is
compact analysis which is suggesting staying away from long. It looks like we may
see a Diwali which can go in favour of bears.
BANK NIFTY September future
– I have already expressed my view that market may not be comfortable at this
kind of market. We saw a fall afterward. I must quote that Banking index is
weaker than expect. It has technical support at 24000 levels and then we do not
have too many supports to save from fall. This is 101% going to be very
critical.
