12 February 2018: Nifty Elliott wave analysis: Time for bounce but bounce may fail at top. Either at 10600 or at 10735.
You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis 12 February 2018: -
On 09 February 2018: FII Net Sold – 1351.700 INR Crs: DII Net Bought – INR – 588.42 Crs
The bounce which came from 10270 was overdone in very short time
frame. Right now it is well placed for the next bounce as closing was around
10470 levels. Fibonacci levels are already suggesting for those bounce. Technical
bounce can have life till 10735 levels with intermediate resistance at 10600
levels. I am not very aggressive for long but soft longs may be the deal for
the week.
For today’s trading session, market may open on positive note backed
by stronger than expected global cues. Technical support will have meaning only
at 10270. Other supports may not have great strength. I am still warning from
some unprecedented move in the market. Sooner or later, it may try to settle at
10000 levels before next leg of fall.
Investment point of view, I have already suggested from December
onwards to avoid pumping fresh money in the market as this rise cannot extend
more. Remember, every rise is not the opportunity to invest or trading. It’s
better to be safer sometime.
Strategy for Nifty February
future – it is likely to open around 10480 levels as suggested by SGX
Nifty. Nifty may have trading support at 10400 levels. Take a note that trading
range is still wide so volatility may not rule out. I am hoping for 10600 on
higher side after some zigzag moves.
BANK NIFTY February future –
This index has some stronger warning side. It does not matter how much it can
recover but signs of doubts will always be here. Technical support is at 25000
levels with a hope for 26000+ levels. It is going to be uncertain 1000 points
of range. Simply, avoid this index. Avoid long on Banking stocks too.
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