It doesn't work that way, water and lightning are neutral to each other, so if your opponent decides to counter the lightning tech with a water tech of the same rank, the 2 techniques would collide and cancel each other out, but if the water technique is higher in rank it would overpower the lightning and continue towards you.
Ok, I am now gonna post a technique as a counter for your lightning technique, and then you tell me whether its a good counter or a bad one and why you believe so.
(Doton no Yoroi) - Earth Release Armor
Rank: B
Type: Defensive
Range: Short
Chakra cost: 20 (-15 per turn to remain active)
Damage points: N/A (+10 to taijutsu moves)
Description: This Technique coats the users body with stones, making them much more resistant to attacks, at the cost of their speed. Whilst using this technique, the user can even change their appearance, but once the technique is either defeated or worn off the users original appearance is shown. The user whilst in this armor is resistant to A rank normal ninjutsu but is vulnerable to Lightning Techniques.