23 February 2018: Nifty Elliott wave analysis: PNB - What we know is much less than what we don’t know. Nifty intermediate support = 10300

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

Analysis 23 February 2018: -

On 22 February 2018: FII Net Sold – 2335.34 INR Crs:  DII Net Bought – INR – 1059.42 Crs

We got expected dip from 10600 + levels and we saw a pause on 10300 levels. Well, so far it is so well placed. Market may go in consolidation phase as long as it holds 10300 levels. Two more supports deserved to be mentioned. One is around 10100 and next is psychological 10000 marks.

My view is that trading range for short term will go in the zone of 10000 to 10300 before breaking lower further. Right now, trading range is one step higher. Is it fit for investment? No, not at all.

For today’s trading session, market may open on flat note due to improved global cues. I am not expecting much movement at these levels. Market may go in consolidation mode. I am still warning from the latest scam of PNB. What we know is much less than what we don’t know. One can consider that 10300 is a decisive support in current trading range. On higher side, there will not be easy cross of 10450-10500.

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 just the global cues which is saving market but how long can it holds. Trading support may be at 10360-10326-10302. On higher side will face resistance from levels above 10450. After shorting at higher end, I am not very keen to trade index unless I get a strong signal to trade which will come at the break of 10300.  

BANK NIFTY February future – I still stick on my point that Bank Nifty will hit levels of 24000 sooner or later. I am expecting a consolidation in this zone of 24800 to 25200. This looks 400 points but it is going to be dicey so prefer to avoid trades. Well, still at a topping pattern sooner it will be the better instrument to trade on short side.