25 May 2017: Nifty Elliott wave analysis: Avoid trading on Expiry day and just wait for cues for Next Month trades. Support – 9340-9300-9270!!!

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

25 May 2017: -

On 24 May 2017: FII Net Bought – 81.88 INR Crs:  DII Net Bought – INR – 197.31 Crs

Well, we are on derivative expiry day and market goes under effect of Indo-Pak border tension. I am not the one who believes that it can be a reason for selling stocks in India. It may just be a pause. Usually, June is historically a month of high volatility. Most of the time it favours bears but this is going to be a different June. Trading ranges are expected to open wide. Will it favours bulls?

Only time can answer.

Derivative data suggests that we may get a technical support for today at lower levels. Remember, banking stocks are not as weak as it looks.

For today’s session, I am expecting market to open on positive note as indicated by SGX Nifty and then taking support. Suppose if it slips due to derivative expiry effect then it can be a good opportunity to buy at least when put call ratio goes around 1. Should I favour shorts on any condition? Well, if indications come then why not but I have strong caution. Bulls market used to deny bad news and this market is denying many bad news so we may not get anything great for shorting on index.

Technical support 9340-9300-9270. On higher side, resistance is at 9400. Will it cross and sustain?

Sectoral performance may go on flip flop mode time to time but overall buyers are still interested in market price. Pricing looks expensive but it is still attracting buyers. 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 blue-chip 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 June future – I usually do not trade near to expiry day. Right now, I am not touching index. I am not great fan for trading long for June month but this time it may be different June. For today, market may opening higher and then it may retrace due to long unwinding but support can emerge near 9370 which may be suitable zone to add long with 30 points stop loss for a bounce today in last hour or may be tomorrow.   

BANK NIFTY June future – Bank Nifty was stable yesterday and this gave me a good hope. Suppose, if market take U turn today and bounce from lower levels then it may be Bank Nifty which can give better rise than Nifty. Remember, it was under performer too. Well, but it is expiry day and anything can happen. Technical support is at 22400-22300. Let us see.  



23 May 2017: Nifty Elliott wave analysis: I am still hoping UP. Choppy down is not a threat on Nifty, it’s just a breather.

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

nifty23 May 2017: -

On 22 May 2017: FII Net Sold – 321.27 INR Crs:  DII Net Bought – INR – 1262.64 Crs

So far Nifty has a high at 9532 and we are at 9438. This is just not enough to say for down. It is just a reaction of events that has passed. Even Yesterday Nifty was close to 9500 in opening quotes. We are moving close to May month expiry and I believe based on charting cues that Nifty has points to make a new all-time high.

Few stocks may undergo price correction time to time but blue-chip index is far from a top in near term. I am definitely focused on money flow in each sectors and stocks. Somehow, banking index is not very attractive in term of price movement. The participation from banking sector is a need if Nifty wants to move up further. It may just be a breather and sooner we will see better participation.

For today’s session, I am expecting market to open on positive note as indicated by SGX Nifty. I am still quoting two important trading supports; one is at 9400 and next is at 9370. As long as 9370 holds we can expect market moving up only. Near to derivative expiry traders should be careful but I feel that it should favours bulls only.

Sectoral performance may go on flip flop mode time to time but overall buyers are still interested in market price. Pricing looks expensive but it is still attracting buyers. 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 blue-chip 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 June future – SGX Nifty is suggesting opening to come around 9480 levels. Well, if this can sustain then I can expect levels of 9530-9550 by today itself. If short covering based rise comes then we can expect trading levels of Nifty future to be around 9600 too. In the down side 9400-9380 has proven as good trading based.  

BANK NIFTY June future – This makes me little concerned but I think that it is just a matter of time in term of participation. I am not giving levels for this index. I am just not going to touch it right now as strength is missing for trading. I can just hope that 22400 levels will not be broken so easily. Let us see if money hits this index near expiry but surely, it is concerning. 



22 May 2017: Nifty Elliott wave analysis: Panic fall should be over now. Expiry week should give fresh rise for 9500!!!

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

nifty22 May 2017: -

On 19 May 2017: FII Net Sold – 988.70 INR Crs:  DII Net Sold – INR – 349.21 Crs

I have already quoted for the support at 9370. Nifty hit a low around 9390 even in panic. It was great to see that Indian market has shown better resilience than any other global market. Technical support got a respect and it is a sign that we have left with steam.

This bounce is giving me great hope for a great move in coming months. My expectation is for 10000 for Nifty to come near to Diwali time. Even if correction comes then also it may be more than 5% anytime.

For today’s session, I am expecting market to open on flat to positive note. US market has closed on good on Friday’s trading session. I am expecting that Indian market should hit 9500 marks very soon. It may be done in a day or two or at least by expiry day.

I still quote 9370 as very crucial support. As long as it holds 9370 then we can expect market to head higher only unless some crucial resistance emerges. Sectoral performance may go on flip flop mode time to time but overall buyers are still interested in market price. Pricing looks expensive but it is still attracting buyers.

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 blue-chip 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 June future – I am hoping for an encouraging opening for the week. I am expecting that even after higher opening it should go to hit 9530 levels. Technical support will be at 9430 and then at 9385. Buying may be intensified if it short covering rise comes. Well, short covering rise has to come before expiry. So, one should not opt shorting anytime.

BANK NIFTY June future – It is still at 22800 levels and hopes are still alive. I am still hoping for this index to hit 23500. How will it come? Well, it will be a pleasure to see a short covering based rally. This is very close to happen. Technical support is at 22700-22500. This index deserves great attention as next big opportunity. There must be the time when Bank Nifty will outperform Nifty. 



17 May 2017: Nifty Elliott wave analysis: A euphoric rise should be followed after the cross of 9500. If not sooner, then later it will come.

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

nifty17 May 2017: -

On 16 May 2017: FII Net Bought – 858.29 INR Crs:  DII Net Sold – INR – 401.89 Crs

So we got the expected and most wanted levels of 9500 on Nifty. This is definitely historical for Indian market. This was expected from the day it has crossed 9274. Big question is what is next. Well, I have already quoted earlier. If global situation remains positive then we have reasons to expect 10000 on Nifty. It is well supported by Fibonacci retrenchment.

Fresh money should be buying stocks. I can still say that we do not see euphoric buying so far and so it is sign that this rally can last longer than expected. Use any dip to add long only. Even if pullback comes then also we have two great support to deal, one is at 9370 and next is 9270.

For today’s session, I am expecting market to open on flat to positive note. US market futures are down but we should ignore negative cues as market mood is good. In case if down side comes then use those as opportunity to buy. It may be possible that global market goes negative and Indian market may remain firm.

Buying is an easy trade and hence profitable trade. Do not go for contra deals.

Money flow is still not concerning. Sectoral index is also more or less in favour of rally although it used to turn critical sometime. Right now, it has great chance of hitting fresh money in Indian market.

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 blue-chip 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 – I was hoping for 9530 and we got this. Technical charts are support for 9600 if it can sustain above 9530. Yes, I am expecting this to happen. Global market is trading negative and this is only negative factor. Well, if not today then sooner it will going to happen. Down side can be opportunity to add long. Hold long as long as 9385-9370 holds. Who knows expiry may surprise you.  

BANK NIFTY May future – Fine, it is coming near to 23000 but I am still unable to see great buying. I am still hoping for this index to hit 23500. Think and imagine Nifty level at that time. How will it come? Well, it will be a pleasure to see a short covering based rally. This is very close to happen. Technical support is at 22700-22500. This index deserve great attention as next big opportunity. 



16 May 2017: Nifty Elliott wave analysis: If 9500 has to hit then today should be most suitable day. Technical support at 9370!!!

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

nifty16 May 2017: -

On 15 May 2017: FII Net Bought – 235.33 INR Crs:  DII Net Sold – INR – 65.77 Crs

Opps!!! This is just too much at 9450. I am still hoping for 9500 but I am little bit worried as it is getting late to hit 9500. If I have to name most suitable day then it will be today. I have projected an ascending triangle on the chart. This is going with a narrow end now. This is now going to be critical. It should either shoot up or may have chance of giving a correction.

I like to see today’s close but one thing looks clear that 9450-9500 zone is not going to be easy for bulls. This does not mean that I am taking a bearish call. Market has crossed so many hurdles with difficulties.

I am expecting fresh money to hit in the market but as of now I am watching 9500 levels for Nifty. Will it make or will it break?

For today’s session, I am expecting market to open on flat to positive note. I am still hoping for 9500. Take a not that it has surpassed 9270 and then took support at 9370 with a bounce. This is clearly in favour of bears although we are facing resistance at higher end. As long as Nifty holds 9370, this market is just a buy in dip market.

Buying is an easy trade and hence profitable trade. Do not go for contra deals.

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 blue-chip 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 – Some may have bought Nifty of Friday’s dip which is giving almost 0.80%. This is fine so far. SGX Nifty is giving me a hint to test for 9500-9530. If this has to come then today is the good day to hit. Suppose if we get intraday dip then it will be opportunity to add long and keep stop loss just at 9370 kinds of levels.

BANK NIFTY May future – I do not need to change my study on this index. It turns shy near 23000 levels. Money flow is again turning slow in this sector but this may not be sign of weakness. It has happened many times in past and it bounced every time then why not this time too. Technical support is at 22700 and then at 22500. It can be better to buy from lower levels. We may see 23200 to 23500 levels in near future. 



12 May 2017: Nifty Elliott wave analysis: 9500 is still in the reachable zone. As long as it holds 9270 we can buy every dip.

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

nifty12 May 2017: -

On 11 May 2017: FII Net Bought – 1306.71 INR Crs:  DII Net Sold – INR – 1037.18 Crs

Well, high point is at 9450 and that’s not too bad. We saw a trading session which was volatile in a limited zone. Technical charts are justifying that pause as every time market moves after a pause. Once again, I am repeating that flat close cannot be named as weakness.  It is just a breather in rise.

Even US market has seen this kind of rise which comes in slow and steady move. I am still expecting 9500 to be tested. There is no point to talk for weakness as long as we are above 9270. I do not see the possibility of downside break of 9270 in near future.

I am expecting fresh money to hit in the market but as of now I am watching 9500 levels for Nifty. Will it make or will it break?

For today’s session, I am expecting market to open on flat to positive note. My view is simple and clear. Use any dip to buy with limited stop loss like 9360 and just stay for some days. 9500 may either be touched today or may be in early next week. As long as Nifty is above 9270 we can expect market to stay on firm positive note.  

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 blue-chip 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 is expected to open around 9540-9550 levels. I do expect a rise of 50 points from those levels. If short covering comes then we can expect higher levels. Technical support is at 9400-9390 levels. Keeping 30 points stop loss can give better opportunity from lower side. I do not see the possibility of breaking down.

BANK NIFTY May future – It turns shy near 23000 levels. Money flow is again turning slow in this sector but this may not be sign of weakness. It has happened many times in past and it bounced every time then why not this time too. Technical support is at 22700 and then at 22500. It can be better to buy from lower levels. We may see 23200 to 23500 levels in near future. 



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

niftyYou 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.

nifty09 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.

nifty04 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.

niftyYou 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.