11 May 2017: Nifty Elliott wave analysis: Now expect 9500 on NIFTY. We may see 10,000 too on Nifty without meaningful correction.

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

11 May 2017: -

On 10 May 2017: FII Net Bought – 893.36 INR Crs:  DII Net Sold – INR – 229.73 Crs

I was expecting 9400 and I got it yesterday and signs of fresh move are very strong. Nifty has next logical target at 9500. Well, I was expecting 9500 since it goes above 9000 marks.

Take a note that as long as 9270 sustains we can have at least one such move which throw greatest ever optimism based rise and that is still missing and hence this rally not even close to be done.

At one sense, if one looks then one can see the reverse H&S pattern with ascending in nature. This pattern is giving me the target of 10000 levels on Nifty. This is definitely big and perhaps it will give us extreme optimism rally which is expected.

For today’s session, I am expecting market to open on positive note as suggested by SGX Nifty. My first target on Nifty for the week has done but now I am expecting 9500 so come sooner or later. I strongly suggest buying any dip with limited and disciplined stop loss.  

Money flow is still not concerning. Sectoral index is also more or less in favour of rally although it used to turn critical sometime.

Can we expect reversal? Well, if this happens then it will be least expected. So far, nothing is suggesting for reversal but caution call is always alive.

Caution note is clear – first one has to watch for weakness on small cap and mid cap indices. Before top, there may be the days where mid cap and small cap indices will be negative and bluechip index will maintain flat to positive note. I will look on small cap and mid cap index to compare relative under performance.

Strategy for Nifty May future – It has already close to be done by 100 points of rise and we can about to see for next 100 points of rise. One can opt on strategy of buying in dip.  9500 levels may cone on Nifty May month future by today itself. Even if it missed then also it will be done in coming few days. Technical support is at 9400 levels.

BANK NIFTY May future – Bank Nifty came at 22800 and this was in line with my expectation.  This index is trading better than Nifty. As long as sectoral index performs market may not fall easily. Think, if it has to extend its rise then we can expect levels of 23000-23200. This is great levels to talk. Technical support is at 22700 and at 22500. 

09 May 2017: Nifty Elliott wave analysis: Dead Sessions cannot be taken as sign of weakness. We can expect support at 9270!!!

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

09 May 2017: -

On 03 May 2017: FII Net Sold – 542.47 INR Crs:  DII Net Bought – INR – 663.33 Crs

These are not very exciting market. It is just dull and boring at higher levels. No one is ready to negotiate, neither bull not bear. Well, I still cannot name it as a sign of weakness. One can say that it is looking tired and hence taking a breather. I do not favour short unless some sign of weakness emerges at higher levels.

As long as we are able 9270 we can definitely hope for a move towards higher levels. If this can sustain then we can expect higher levels. In the down side we have good technical support at 9270 and then around 9200 levels.

The level of 9270 is a key. I must say that I am off to my long trades and not participating in the market. I am ready to take any deal, long or short but it depends on momentum and range. If used to run dead like now there is no use to trade.

For today’s session, I am expecting market to open on flat to positive note. I am not taking any call for the day or even for the weak. My major view is that we should avoid market for this week. it may be dead. If it breaks 9270 and sustain then it can see some price correction but this situation is not very likely to happen sooner.

Money flow is still not concerning. Sectoral index is also more or less in favour of rally although it used to turn critical sometime.

Can we expect reversal? Well, if this happens then it will be least expected. So far, nothing is suggesting for reversal but caution call is always alive.

Caution note is clear – first one has to watch for weakness on small cap and mid cap indices. Before top, there may be the days where mid cap and small cap indices will be negative and bluechip index will maintain flat to positive note. I will look on small cap and mid cap index to compare relative under performance.

Strategy for Nifty May future – It may open around 9330 levels. We are almost on same levels from past almost nine trading sessions. This is not very encouraging to trade but I can expect some upside unless this session also turns dead. In case of fall, we can expect market to take support at 9285 levels. Below 9285, if this sustains, then things can be worrisome. Well, I fair choice is long trade for the target of 9400. I am worried about dead sessions.

BANK NIFTY May future – Bank Nifty came at 22800 and this was in line with my expectation.  This index is trading better than Nifty. As long as sectoral index performs market may not fall easily. Think, if it has to extend its rise then we can expect levels of 23000-23200. This is great levels to talk. Technical support is at 22700 and at 22500. 

04 May 2017: Nifty Elliott wave analysis: Choppy sessions should not be named as sign of weakness. Target of 9400 minimum is still intact.

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

04 May 2017: -

On 03 May 2017: FII Net Sold – 517.74 INR Crs:  DII Net Bought – INR – 112.36 Crs

So far, we have three dead trading sessions in this week. This is in line with my expectation. Dead sessions may not be taken as sign of weakness although we can see tired market. Even the basics of technical analysis are giving good trading support at 9270 levels, a previous all-time high.

As long as we are able 9270 we can definitely hope for a move towards higher levels. If this can sustain then we can expect higher levels. In the down side we have good technical support at 9270 and then around 9200 levels.

This rally should see many extensions as long as it is above 9000 levels on long term chart. So far, there is no great top sign. If it comes I will update.

For today’s session, I am expecting market to open on flat to positive note. One can say that we may have a possibility of another day on dead index. Let us see for good trading support at 9270. I will opt buying at lower levels on the expectation of fair bounce again. I am still optimistic for 9400 marks to be tested sooner or later.

Money flow is still not concerning. Sectoral index is also more or less in favour of rally although it used to turn critical sometime.

Can we expect reversal? Well, if this happens then it will be least expected. So far, nothing is suggesting for reversal but caution call is always alive.

Caution note is clear – first one has to watch for weakness on small cap and mid cap indices. Before top, there may be the days where mid cap and small cap indices will be negative and bluechip index will maintain flat to positive note. I will look on small cap and mid cap index to compare relative under performance.

Strategy for Nifty May future – It may open around 9330 levels. We can expect a small pullback which may be opportunity to add long at lower levels. On higher side, I am expecting levels around 9375-9400 to come but I am not sure if this can come today. Shorting may work time to time but that is not a concrete and technical call.

BANK NIFTY May future – Bank Nifty is still trading around 22300 and I hope for 22500 levels to be tested hence my study remains same. Well, displaying tremendous power as expected it has seen 22200 levels in quicker time. Technical says to eye for levels of 22500 now. That’s looks too big but it is just 1% and why cannot we bet for this on expiry day. I must say that if short covering comes then rise can more violent. Does not matter what’s happen but shorting must be avoided. 

03 May 2017: Nifty Elliott wave analysis: Trend remains up even after mixed trading days. Minimum a test of 9400 is possible.

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

03 May 2017: -

On 02 May 2017: FII Net Sold – 611.82 INR Crs:  DII Net Bought – INR – 541.39 Crs

I have quoted for support at 9274 and it hit a low of 9270 and then bounced. This is showing that we have buyers waiting at lower levels. Well, I have presented a view that it suggesting me for a meaningful resistance at 9400. This works if it fails to break on higher side. It is perhaps this 9400 resistance which is causing Nifty choppy even after breaking 9274.

I still believe that momentum and money flow is in favour of Indian market and it can move higher to break 9400 levels.

Next important thing is that we already have one approximate gap fill up formation with low of 9019. This low point will act as strong threshold for bulls. It will easy to pick a top this time. Let the rally go.

For today’s session, I am expecting market to open on flat to positive note. We are around still 9300 and trading support also lies at 9274 - 9270 which was previous top. One can expect some demand emerges in that zone. My view is that one should buy any dip to hold for few days unless something odd happens.

Take a note that I am not expecting big trading days with bigger moves sooner. It may be small-small trading days only. So, one may not have good scope to deal for intraday.

Can we expect reversal? Well, if this happens then it will be least expected. So far, nothing is suggesting for reversal but caution call is always alive.

Caution note is clear – first one has to watch for weakness on small cap and mid cap indices. Before top, there may be the days where mid cap and small cap indices will be negative and bluechip index will maintain flat to positive note. I will look on small cap and mid cap index to compare relative under performance.

Strategy for Nifty May future – It gave an opportunity even yesterday to buy at lower levels which was around 9285. SGX Nifty is showing for opening around 9350 levels. I believe that it will again challenge the levels of 9400 on higher side. This can give us good result for those who has added long at lower side yesterday.  

BANK NIFTY May future – My study remains same. I am still expecting 22500+. Well, displaying tremendous power as expected it has seen 22200 levels in quicker time. Technical says to eye for levels of 22500 now. That’s looks too big but it is just 1% and why cannot we bet for this on expiry day. I must say that if short covering comes then rise can more violent. Does not matter what’s happen but shorting must be avoided.