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

niftyYou 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.  



19 February 2018: Nifty Elliott wave analysis: Topping @ 10600 in recovery may be the first sign for a pain towards 10000.

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

niftyAnalysis 19 February 2018: -

On 16 February 2018: FII Net Sold – 1065.99 INR Crs:  DII Net Bought – INR – 1127.78 Crs

I have already quoted for the intermediate resistance at 10600 and market slipped from the same levels. Well, apart from all that I am feeling that market has not responded yet on PNB scams. This may be a sentiment hurting event sooner or later. Impact has confined to the some selected banking stocks only but impact will be larger and may raise a question mark on corporate governance issue.

For today’s trading session, market may open on flat note but that may be due to improved global cues. Technical resistance is still at 10600 levels. If it starts showing weakness then we can expect levels of 10350-10300 levels by earlier this week.

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 – As long as traded sustains below 10500, it cannot show strength. We have no point to be on long side. If it favours then we will go to see a fall towards 10350-10300 levels. I may opt more shorting if rise comes. There is a fair chance of hitting 10000 marks on Nifty in medium term.

BANK NIFTY February future – A bad mood can spoil anything. Banking index has not yet reflecting the PNB crisis to its full extent. In my view, market will respond sooner on this news. This is much more serious than what it looks like. I am seeing a possibility of 24000 in medium term.



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.

niftyAnalysis 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.



07 February 2018: Nifty Elliott wave analysis: Below 10400, it was overdone and hence a bounce from low. Still, New high may not be challenged sooner.

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

Analysis 07 February 2018: -

niftyOn 06 February 2018: FII Net Sold – 2326.10 INR Crs:  DII Net Bought – INR – 1699.74 Crs

A low below 10300 was little overdone and this may be the impact of weaker than expected global cues. Technically, a bounce was deserved and it came. Well, I strongly believe that may part of bounce may have done. My wave count based study is suggesting that 10800 may be a strong threshold for bulls now. Do not expect this fall to arrest sooner unless it can stand above 10800 levels.

For today’s trading session, market may open with some optimism although it may not able to extend more gains from here. Medium term and short term resistance will emerge at 10800 levels. In the lower side meaningful support is only at 10400 levels although trading support may emerge at 10500 levels. Trading range is still expected to be broader.

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 expected to open around 10600 levels but do not think that it is going to be easily in favour of bulls on the hope of recovery. If recovery comes then also it will sustain at higher levels. Sooner, trading range will settle below yesterday’s low. This is short on rise but exact point cannot be defined.

BANK NIFTY February future – Low was at 25000. Just think how time it took to give up all recent gains. This is what I called is momentum. This is in favour of bears. Technical resistance will emerge at 26500 levels and this may be a difficult level to cross. In the lower side, 25000 will break. Sooner or later it will break at every cost.  



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.

niftyAnalysis 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.

 



01 February 2018: Nifty Elliott wave analysis: B-Day is D-Day for stock market. Will budget go on populist note or reformative note?

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

Analysis 01 February 2018: -

On 31 January 2018: FII Net sold – 136.63 INR Crs:  DII Net Bought – INR – 1294.66 Crs

Ruling party is going to present its last union budget today. Market is sitting with a pre-budget rally with all time high at 11171 levels. This is definitely remarkable. I had a view after Assembly poll that if it can sustain above 11600 then it can raise more and it went up when I was on my personal task.

Now, has Indian market over done in rise? Well, this is 101% true and most market used to go ahead of reality before any significant correction. Based on Fibonacci series and support, I am not expecting any great correction as long as it is 10900 levels. We can expect roller coaster ride today.

My expectation with budget is that it is going to be populist budget which market may not have point to react positively. Whatever position has to come, market may have already discounted with pre-budget rally. I am not in no participation mode right now as I came after long vacation.

For today’s trading session, Nifty is likely to open optimistic note with no clear view. Then market will dance on Mr. Finance Minister’s words. This may invite trading range of 300 to 400 points. It can possible be 11200 to 10800 levels. Rise or fall, it is going to be a gamble to participate. I just like to be spectator.

Strategy for Nifty February future – I am back after a long vacation to start in post budget day. Well, I like to watch market outcome first. Based on Elliott wave count, we are on fifth wave extension and it’s historical, something which do not come so frequently. 10900-10800 is going to be decisive support for budget day.

BANK NIFTY February future – 27450, Well, this is the last close and this is definitely backed by the steps taken by government of India. Big question is, “are Banks really that much healthy for investment?” My answer is not affirmative. I will remain sceptical. If any sector has to be watched for Budget day then it must be Banks.  



18 December 2017: Nifty Elliott wave analysis: Roller coaster ride is possible. Unless it go above 10490, I do not see a buy. 10420 and 10490 is decisive.

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

niftyAnalysis 18 December 2017: -

On 15 December 2017: FII Net sold – 921.03 INR Crs:  DII Net Bought – INR – 635.44 Crs

It’s needless to say what is going to happen. Market will dance on the mood spread on latest assembly poll result. When I am compiling this article ruling party BJP is found struggling. Well, charts were giving me a sign of fall from past many days without crossing 10490. I was not aware about reasons.

I have no position but just a view. It looks like poll outcome is going to be a reason. I do not see a possibility of BJP moving out of power in Gujarat but results may not be what they were looking for.

In short, it looks like BJP is paying the price of a complex GST.

For today’s trading session, Nifty is likely to open on flat to nervous note. Unfavourable outcome may make it BLACK MONDAY. Just do not trade. Charts are in favour of fall. Rise is likely only on one condition, i.e. it has to cross life time high first.

I am not going to be greatly bullish anymore as I was bullish from 9000 and now I am expecting side wise to correction time. 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 December future – I have no position and I am not in favour to trade. Well, after poll I may in intended to trade on short side. I may be in better position to trade tomorrow. We have not done much in past week. This week is going to be crucial before union budget. I am seeing a secular trend to emerge which can sustain longer.

BANK NIFTY December future – I have no trade on this index from long time. I am still in avoiding mode. In my view, this index is heavily overpriced without much reason.  26000 may be a last word to speak about. I do not see much extension. Market needs a trigger and that may be long away from this point. Market will look forward for next year’s budget. 



08 December 2017: Nifty Elliott wave analysis: Bounce may end sooner and a newer fall may hit. Be cautious before Gujarat Assembly Election.

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

niftyAnalysis 08 December 2017: -

On 07 December 2017: FII Net sold – 1075.62 INR Crs:  DII Net Bought – INR – 926.68 Crs

It hit a low around 10033 and then bounced. Well, multiple odd bounce came in past also and it is likely to come in coming days also. Still, one thing is clear that market does not have that kind of momentum which it used to have in past months.

One can say that this may be a consolidation for rise. Well, if this can be the fact then we should not see the formation of lower bottom. Hence, I have strong point to give edge to bulls. I must warn that the moment global market goes on pause we may see an alarming fall in Indian market.

I am drawing your attention towards one more point; it is Gujarat assembly election 2017. The outcome of this may have a great impact, if ruling party loses its impact.

For today’s trading session, Nifty is likely to open on flat note with a possible resistance in the zone of 10220-10240 levels. Even if it surpasses then also I am not expecting any great impact for bulls. If it shows sign of weakness at higher levels I may opt to trade on short side again. Where is the support? Well, it’s well understood support at 10000 levels or nearby.

I am not going to be greatly bullish anymore as I was bullish from 9000 and now I am expecting side wise to correction time. 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 December future – It is the time again to see where this rise will stop. My likely resistance is at 10240-10260 levels. At the max it can hit 10300 levels. It cannot extend much above those levels. In the lower side we can expect a decisive support at 10160 levels. Suppose if it trades below 10160 then we can expect immediate weakness which may be the likely case.

BANK NIFTY December future – It has a logical support at 24800 and then took a bounce. Now it is near to 25200 levels. Well, in my view I am not expecting much extension from the current levels. Still a favourable move can give us a level of 25500 levels. I still do not prefer to trade this index due to uncertain volatility. It may be very safe due to risk rewards ratio. 



05 December 2017 : My takes - In spite of great up in global market, Nifty may hit 10000 anytime. My study remains same. 


30 November 2017: Nifty Elliott wave analysis: 10400 resistances remains crucial till now. A fall is likely towards 10200.  

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

Analysis 30 November 2017: -

On 29 November 2017: FII Net sold – 859.27 INR Crs:  DII Net Bought – INR – 771.07 Crs

We are on derivative expiry day. Quoted resistance of 10400 is still on its task as Nifty is turning shy to cross this resistance mark. It has just played here and there at 10400 but never be decisive at this point. I usually do not trade on derivative expiry day as it used to be unpredictable

I may not opt to trade but my biasing is towards bears. Market may head towards 10200-10100 again in coming few days.

For today’s trading session, Nifty is likely to open on negative note as indicated by SGX Nifty. I am sure that it will not give easy cross above 10400 and it may give an intraday sell signal at top. If this goes the way I am expecting then this expiry may go on big negative. Still, I suggest that take this as view as expiry day used to be unpredictable. Even I may not opt to trade on soft signals.

I am not going to be greatly bullish anymore as I was bullish from 9000 and now I am expecting side wise to correction time. 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 – those who has added shorts on higher side may have a pleasant day. Technically a trade below 10300 may push for shorting. I took a long from 10100 and booked above 10350 and this suggested soft short to my traders. On higher side it will face resistance at 10360-10380

BANK NIFTY November future – I am not active on this index since stimulus. In my view it is not going in the expected way although it is up. It is giving signs of tiredness which may be an early indication of weakness. There are many banking which is not in parallel with this index. 25800-26000 is a zone of resistance and it may fail to see a crossover. Today may be big day for bears. 



27 November 2017: Nifty Elliott wave analysis: Be cautious on derivative expiry week. 10400+ is still a meaningful resistance.

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

Analysis 27 November 2017: -

On 24 November 2017: FII Net sold – 416.28 INR Crs:  DII Net Bought – INR – 427.63 Crs

We are on derivative expiry week and we saw a hit on 10400 on Friday’s session. I still stick on my view that this should be maximum possible stretch for rise. I have quoted for the fall on expiry week when month began. Now, the time has come for extreme caution.

Technical resistance above 10400 will be only at 10490 but I do not think that market has enough steam. If market is heading higher then we has good participation from global market only.

For today’s trading session, Nifty is likely to open on negative note as indicated by SGX Nifty. Suppose if it fails to stay above 10400-10404 then we can take a confirmation for a possible slide this week. Even if market rises I will not prefer to participate. Threshold support will be at 10300-10280 levels.

I am not going to be greatly bullish anymore as I was bullish from 9000 and now I am expecting side wise to correction time. 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 – As of now SGX Nifty is showing for opening around 10380 and this is going to give us immediate resistance at 10420-10430 levels. If cracks below 10350 then we can expect some rapid slide. This study is applicable till expiry day. Be cautious due to derivative expiry this week. Market can be brutally volatile.   

BANK NIFTY November future – I am not active on this index since stimulus. In my view it is not going in the expected way although it is up. It is giving signs of tiredness which may be an early indication of weakness. There are many banking which is not in parallel with this index. 25800-26000 is a zone of resistance and it may fail to see a crossover.  



24 November 2017: Nifty Elliott wave analysis: 10400 is proving to be a meaningful resistance. 101% caution required.

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

niftyAnalysis 24 November 2017: -

On 23 November 2017: FII Net Bought – 73.22 INR Crs:  DII Net Bought – INR – 222.21 Crs

So far, form a bounce of 10100 levels we are witnessing meaningful resistance at 10400 levels. I am advising a strong caution at these levels. Unless it goes above 10400 we may fail to see momentum at higher side. We may see a possible signal of weakness form higher levels very sooner. If it does not come then I will prefer to avoid trades.

Nifty has all- time high at 10490 which was just short of 10500 levels. This may prove to be top the top but significant signals has yet to come.

For today’s trading session, Nifty is likely to open on flat note. Afterwards it will face resistance again in the zone of 10350 to 10400 levels. We may see first signal of weakness if Nifty can sustain below 10300 levels. It may be a dead session if it fails to fall.

I am not going to be greatly bullish anymore as I was bullish from 9000 and now I am expecting side wise to correction time. 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 – I have nothing great to add. One must avoid adding long at these levels as it is a zone of resistance. Yesterday’s low of 10300 may be the clear zone of support. Below which it will give a fresh signal trade on short side.  

BANK NIFTY November future – I am not active on this index since stimulus. In my view it is not going in the expected way although it is up. It is giving signs of tiredness which may be an early indication of weakness. There are many banking which is not in parallel with this index. 25800-26000 is a zone of resistance and it may fail to see a crossover.  



21 November 2017: Nifty Elliott wave analysis: Do not be long from higher side after gap up opening.

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

niAnalysis 21 November 2017: -

On 20 November 2017: FII Net Sold – 358.74 INR Crs:  DII Net Bought – INR – 613.00 Crs

After bounce from 10100 levels, I am advocating to restrict the buy trade again near the resistance 10350-10400 levels. This market may not do anything great on upside. It is bound to be restricted. I am still firm that sooner or later correction of magnitude 400-500 points may hit. Well, I still cannot quote for timing. So far, market is about to be side line if it prefer to stay above 10300 levels.

Nifty has all- time high at 10490 which was just short of 10500 levels. This may prove to be top the top but significant signals has yet to come.

For today’s trading session, Nifty is likely to open strong to positive note backed by strong global cues. I am suggesting that if market opens around 10350 levels then do not prefer to trade as misguiding signals may emerge. This is certainly not going to be buying above 10350 as we may see continuous resistance emerging at higher side.

I am not going to be greatly bullish anymore as I was bullish from 9000 and now I am expecting side wise to correction time. 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 – I took one long trade and now I am out of it. I am not going to touch it again from higher levels. It may have a logical resistance at 10360-10400 levels. This zone may not take out easily by Nifty. If a correction has to hit again then what can be better levels than 10400 from higher side.

BANK NIFTY November future – It is giving another feeling of breakout and in fact saving blue-chip index at higher levels. 26000 is going to be psychological resistance and this may be another tougher levels to cross. Technically, this index is still looking stronger but money flow and risk-reward ratio is not suggesting a trade from this levels. Just stay away from long. It may pinch you for some time but this is what technical charts are suggesting. 



17 November 2017: Nifty Elliott wave analysis: Rebound target can be extended above 10320 levels. Can it have enough momentum to hit for new all-time high?

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

niftyAnalysis 17 November 2017: -

On 16 November 2017: FII Net Sold – 447.42 INR Crs:  DII Net Bought – INR – 847.45 Crs

I have already predicted for the bounce of 150 points which came yesterday and whatever target has left yesterday will be done by this morning opening quotes. The next extended target for the bounce is at 10320+ levels.

From this point we have two possibilities. First is, we can see Nifty moving in line with global market and Nifty can hit a new all-time high again. Second possibility is that it can go in parallel with Fibonacci retrenchment and it can see resistance at or just above 10320. If this happens then we can need to the indication for a big price correction of around 400-500 points.

I must say that correction is inevitable and it will come sooner or later. Today is crucial to see the resistance.

For today’s trading session, Nifty is likely to open strong note backed by strong global cues. If you have bought the index yesterday and then you have reasons to smile. If you have missed then simply do not trade.  

I am not going to be greatly bullish anymore as I was bullish from 9000 and now I am expecting side wise to correction time. 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 – As suggested, it rebound and opening is likely to be around 10350 levels. I may prefer to book my profit on long position at higher levels. I am not very keen to buy for 10400 but I must accept that it can hit levels above 10400.  

BANK NIFTY November future – It is not decisive yet for trades. This is just a dead index so far. Neither responding to fall nor rise. This is turning to be critical on time chart. I see a possibility. If index has to break for down side then Banking index may see more hammering and it is just throwing confusion before fall. There is no such technical indication yet for selling. I am waiting for such signals. 



16 November 2017: Nifty Elliott wave analysis: A rebound is possible as it has done downside technical target of 10100 almost.

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

Analysis 16 November 2017: -

On 15 November 2017: FII Net Sold – 381.42 INR Crs:  DII Net Bought – INR – 869.09 Crs

It was well expected fall towards 10100 levels. I was expecting this from the recent top. Now, the next big thing is that weather it will retrace the fall or will it fall in one go. In that respect, today is the decisive day. I see a high chance of retracing the fall. This bounce may be for 100-150 points of fall at the max and then real fall may begin for almost 400-500 points.

Above is my tentative view for 8-10 trading sessions and hence I can say that it will see a volatile expiry or a fall near expiry.

For today’s trading session, Nifty is likely to open on flat note to positive note and supports are expected in the range of 10100-10080 levels. If it breaks then be ready to see 10000 levels. Is there any point to buy? Yes, if it gives signals for strength for rebound then one can buy with stop loss below yesterday’s low.

I am not going to be greatly bullish anymore as I was bullish from 9000 and now I am expecting side wise to correction time. 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 – Will it be the day for rebound? A simple view is that if it has to rebound then today must be the best day. At least it needs to save yesterday’s low.  Rock hard support will be at 10100. I may be buyer for the bounce now. My target can be 10270.

BANK NIFTY November future – This is just a dead index so far. Neither responding to fall nor rise. This is turning to be critical on time chart. I see a possibility. If index has to break for down side then Banking index may see more hammering and it is just throwing confusion before fall. There is no such technical indication yet for selling. I am waiting for such signals.

 



14 November 2017: Nifty Elliott wave analysis: Longer it sustain below 10240, higher will be chance of further fall.

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

Analysis 14 November 2017: -

On 13 November 2017: FII Net Sold – 233.56 INR Crs:  DII Net Bought – INR – 268.77 Crs

It fell from higher levels as expected. This pattern is suggesting that even stronger bulls are giving up at higher levels. This may be prime concern for index rather than anything on technical side. Levels may not be so threatening yet but nature money is showing concern.

I have already advocated for price correction of 150-200 points and we got those. Now, 10240 must be the make or break levels. Longer it sustain below 10240, higher will be the chance of further fall. What can be the levels that we should expect now? Well, it can be 10100 to 10000 levels. It can be 10000 levels in worse case but again this may take its own time as there is no big trigger for wider moves now a day.

For today’s trading session, Nifty is likely to open on flat note. Immediate technical support at 10200 to 10180 levels which I am expecting to be tested. If slips further then we can see the levels of 10100 very sooner.

I am not going to be greatly bullish anymore as I was bullish from 9000 and now I am expecting side wise to correction time. 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 – SGX Nifty is trading flat but this scenario may chance after opening. Technical charts are saying for make or break levels with this morning itself. It may see more slide if it sustain below 10220. It may either make from this support or it may break this support. Whatever is going to happen but it should happen quicker.

BANK NIFTY November future – I am already saying for resistance at 25700-25750. This index is dead so far and moves are just dicey. Sooner it will also give up, till that time analysis remains same. That’s the reason I said earlier that market reacted in timid way to capital infusion. Resistance of 25700-25750 is still applicable. As long as it is below this level it is strongly suggested not to trade. I cannot say that we have weak signal yet. I am not dealing on this index yet. 



10 November 2017: Nifty Elliott wave analysis: Make or break support at 10250-10240. If breaks 10240 then it will be interesting.

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

niftyAnalysis 10 November 2017: -

On 09 November 2017: FII Net Sold – 713.75 INR Crs:  DII Net Bought – INR – 231.25 Crs

I still stick on my points. Nifty levels nearby 10450 are for sell as resistance emerging at 10500 and a possible target is nearby 10240 to 10250. Well, this range invite many too and fro movement. The big question is what if it breaks 10240 levels. I must answer. Break below 10240 will open a room for fall towards 10000 levels. Will such easy fall possible. Technical indicates are giving clues that this may be an easy and tradable falling. Hence I keep my biasing for shorts from higher levels with suitable stop loss.

150-200 points of price correction may not be sign of weakness. This is just a usual reaction which used to come on this kind of top formation which came on daily basis. Such pattern of making newer top every day is on pause from past three trading sessions. Tops used to come like this only.

For today’s trading session, Nifty is likely to open on negative mode. This may invite support around 10250-10240 which is going to be make or break levels. Will it rebound from such support again? Who knows, it is beyond the scope of predication hence trade with caution when such levels comes.

I am not going to be greatly bullish anymore as I was bullish from 9000 and now I am expecting side wise to correction time. 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 – SGX Nifty is trading with loss this morning confirming my view that market is for sell at higher levels. I am keen to watch reaction at 10250 levels. I have soft short from higher level which I may be in mode to book as trading range in narrow. If it breaks 10250 then it will be interesting.  

BANK NIFTY November future – I am already saying for resistance at 25700-25750. Even though Nifty was stronger we have not seen any strength in Bank Nifty. That’s the reason I said earlier that market reacted in timid way to capital infusion. Resistance of 25700-25750 is still applicable. As long as it is below this level it is strongly suggested not to trade. I cannot say that we have weak signal yet. I am not dealing on this index yet. 



8 November 2017: Nifty Elliott wave analysis: Pattern of sell off-pull back is likely to continue in the range of 10500 to 10240.

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

niftyAnalysis 08 November 2017: -

On 07 November 2017: FII Net Bought – 461.47 INR Crs:  DII Net Sold – INR – 2046.07 Crs

This was expected price correction. If one sees this from the intraday high, this correction came from 10485 which were nearer to the resistance if 10500 and then low came at 10340. I can repeat that significant support is at 10240. So, it still has room to see some more correction.

150-200 points of price correction may not be sign of weakness. This is just a usual reaction which used to come on this kind of top formation which came on daily basis.

It seems that market is in mood to buy all possible dip but price retrenchment is advising strong caution. We may not be close to any big price correction but overall market is heavily over bought and this can limit the price rise.

For today’s trading session, Nifty is likely to open on flat to positive note. The meaningful resistance is still only at 10500 levels. It may see pullback after yesterday’s sell off but such sell off may hit again to get the target around 10240. This may take 2-3-4 days time.

I am not going to be greatly bullish anymore as I was bullish from 9000 and now I am expecting side wise to correction time. 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 – SGX Nifty is suggesting that Nifty can open at 10400+ levels. It has resistance at 10450-10500 levels. Now, technical support is at 10350. Unless it goes below 10340, we cannot have point to consider shorting. On higher side resistance is applicable.

BANK NIFTY November future – Even though Nifty was stronger we have not seen any strength in Bank Nifty. That’s the reason I said earlier that market reacted in timid way to capital infusion. Resistance of 25700-25750 is still applicable. As long as it is below this level it is strongly suggested not to trade. I cannot say that we have weak signal yet. 



07 November 2017: Nifty Elliott wave analysis: 10500 is the next resistance but market is not looking weak on momentum.

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

niftyAnalysis 07 November 2017: -

On 06 November 2017: FII Net Bought – 576.27 INR Crs:  DII Net Sold – INR – 263.84 Crs

It turned shy near at 10500 but it is not weak as it was anticipating. This is a sign of strength. I equally suggest that market may not have any big room for going up. Still, it is not down either. In my view, market may not come down easily but it will give many dull moves even at newer all-time high.

Global market is still firm and saving any possible correction but we may be close to a small trading correction of 150-200 point on Nifty. Indication of confirmation has yet to come.

It seems that market is in mood to buy all possible dip but price retrenchment is advising strong caution. We may not be close to any big price correction but overall market is heavily over bought and this can limit the price rise.

For today’s trading session, Nifty is likely to open on flat to positive note. I cannot consider medium term and long term caution for trading call. Call is simple, it has resistance at 10500 but it can surpass above 10500 then we can expect some more extension on higher side.  

I am not going to be greatly bullish anymore as I was bullish from 9000 and now I am expecting side wise to correction time. 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 – SGX Nifty is suggesting that Nifty can open at 10500+ levels. It has resistance at 10530 levels. If it can withstand above 10530 then we can see some more impressive rise towards 10600+ levels. Now, technical support is at 10460. Unless it goes below 10460, we cannot have point to consider shorting.

BANK NIFTY November future – Even though Nifty was stronger we have not seen any strength in Bank Nifty. That’s the reason I said earlier that market reacted in timid way to capital infusion. Resistance of 25700-25750 is still applicable. As long as it is below this level it is strongly suggested not to trade. I cannot say that we have weak signal yet. 



06 November 2017: Nifty Elliott wave analysis: I am not keen to buy above 10400, a long awaited wave based target has already done.

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

Analysis 06 November 2017: -

On 03 November 2017: FII Net Sold – 9690.84 INR Crs:  DII Net Bought – INR – 33.40 Crs

Welcome, I took a longer compulsive break due to some unavoidable personal reason. Market is definitely not same where I left. It is making newer all-time high day to day. We saw infusion of money to banks by government of India. I can say one thing that “W” was desperately needed a fundamental news flow and market got that.  

What’s my take now? I need to clarify that News of capital infusion to public sector banks is not so small but how market is responding. This is not the kind of boost which index should have got. It should have added few more hundreds point more. So comparatively it is less.

Market has timid response as it is already too high. So my point is still that market is expensive. My anticipated wave target has done at 10400. Anything above this is extension. This may add more time based extension but price based extension may not be great.

For today’s trading session, Nifty is likely to open on flat note. I am on observation mode right now. Charts are suggesting that Nifty may take a test of 10500 levels but this is looking more like a resistance. If this is going to be resistance for today then it may be a very crucial resistance for whole this week. If Nifty break below 10400 then we can be in the mode of small price correction of 100-150 points.

I am not going to be greatly bullish anymore as I was bullish from 9000 and now I am expecting side wise to correction time. 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 – SGX Nifty is suggesting that Nifty can open at 10430 levels. It has rock hard resistance at 10485 – 10500 levels. If bears dominate then we can see a price fall towards 10350-10300 levels. If I have to pick a trade then I may pick a bearish trade for today.

BANK NIFTY November future – Well, if you would have asked me earlier that what would have been a levels after 2.11 Lkhs crores capital infusion then my answer would have been 3000 points of Bank Nifty. Question is how it has responded? This is not the firm response. It is just the response which is saving banking stocks. It can save index for 3 to 6 months. For today 25700-25750 is going to be trading resistance.



25 October 2017: Nifty Elliott wave analysis: Look like 10400 must be on hunt- A well forecasted Elliott wave based target. Do not be long from here. It can be trap!!!

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

niftyAnalysis 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 trad