05 February 2018: Nifty Elliott wave analysis: Fall after B-day may be first confirmation of Yearly top at February top (Historically).

You must read previous articles and watch the given chart carefully to understand this article completely.

Analysis 05 February 2018: -
On 02 February 2018: FII Net Bought – 950.00 INR Crs:  DII Net Sold – INR – 508.78 Crs
Well, it seems that Union Budget 2018 caused a hit in Indian market and it results a top. I have already quoted for support at 10800 and Nifty has closed below those marks. Technical goes in favour of fall. I am expecting a target around its previous all-time high. In this process it can try to hit the levels of 10450-10400. So, we can still expect fall of 300-400 points. It was strongly advisable from past two months that one should not invest money in market. Here comes pain as Dow Jones has also lost on significant way.
For today’s trading session, one can expect market to open on big gap down mode. This may not allow fresh bears to enter in to the market. Those who added short on last week are going to get lots of joy. In have a view that if bounce comes then one can prefer to add short. Levels cannot be specified.
This is a post budget fall and market was running without correction from past many weeks. This due correction makes market more dangerous and inviting temptation. If election comes earlier than expected then stock market will read it negative.
Strategy for Nifty February future – I have advised short on past week trades from budget day to even on Friday. My first target was 10800 which have broken. My next target is around 10450-10400 levels. Let us see if this can hit those levels. For today prefer to short on intraday rise. Can it able to recover for gap fill? Well, I have doubts.
BANK NIFTY February future – It has exactly slipped over 1000 points in two trading sessions and it is looking weaker on charts. Technical charts may goes brutally in favour of bears with some haunted targets. So far, I am looking on the possibility of 26000 levels. Further break could cause fresh 500-600 points of fall.


I’m Praveen Kumar, a seasoned Technical Analyst and stock market trader with over 25 years of experience in the Indian equity and derivatives markets. My passion for numbers and patterns led me to a dual career as a Mathematics Teacher and market technician. I specialize in Technical Analysis, with deep expertise in Elliott Wave Theory, derivatives strategies, and market forecasting. Over the years, my analysis and market views have been featured on NDTV Profit as a financial guest, along with published articles on reputed financial web portals, sharing insights on Nifty 50, Bank Nifty, and stock market trends. As a trader and analyst, I focus on interpreting price action, chart patterns, wave counts, and technical indicators to deliver precise market levels and actionable trade ideas. My approach blends classical charting with modern analysis tools to help traders navigate market volatility. Through VieCapital, I aim to share daily market analysis, trading strategies, and educatio…
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