You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis 25 October 2017: -
On 24 October 2017: FII Net Sold – 1306.76 INR Crs: DII Net Bought – INR – 592.28 Crs
The “W” is about to get a higher edge with a possible strong gap up
today. I have already said for the top coming either at 10250 or at 10400 will
hardly matter. Definitely I am not very active at these levels but it seems
that higher side of my expectation will must come now. It was quotes yesterday
too, “Trading range seems to be 10200 on higher side which can extend maximum
towards 10400 (which is not very likely to happen) and on lower side 9700 may
be base which may extend towards 9600 levels.”
So, as long as direction is up by great momentum, I will not prefer
any shorting in any case. Can we see an easy top now? Well, only time can
answer but we may see such possibility.
For today’s trading session, Nifty is likely to open on positive note
as indicated by SGX Nifty and it is going to be heavily positive. I strongly
advise to go on side line after such strong opening. If you do not have open
long position then there is nothing to deal for fresh from such critical higher
levels.
Just one level for the day and it is 10400, a well forecasted levels
based on Elliott wave chart which was given at the beginning of this year.
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 November
future – A simple view – does not be active for intraday or positional. It can
easily trap you. This rally is not well supported by all stocks. Technical support
after opening will be at 10300 levels. On higher side, shall we work out for
levels above 10400? Let us see.
BANK NIFTY November future –
This index is something which is definitely stopping me from all possible long
trade on index. I am considering this as a key sign of future that is about to
come. Technical support is at 24000 to 23600 levels. On higher side no great
momentum is possible unless it go above 24800 levels which are already too far.
