31 May 2018: Nifty Elliott wave analysis: Expect volatile expiry with few odd swings. Do not prefer to trade.

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

Analysis 31 May 2018: -

On 30 May 2018: FII Net Sold – 1286.91 INR Crs:  DII Net Bought – INR – 492.36 Crs

Well, we are on derivative expiry day. Has the month done too much? My answer is “no”. This was not traditionally known May month. Looking in to past two days of trade I feel that only hallmark for the day is going to be volatility. It can be on both sides, up and down. I am expecting trading range to be

Momentum technical indicators are looking to be little in favour of rise but I ignore all such signal for expiry day. I just avoid trading on expiry day due to unwanted swings.

For today’s trading session, I am expecting a positive kick off trade for the market. This may be just boosted by big rise in US market. It is going to be interesting to see how long it is going to shape up after one hour. Technical support will be at 10580 to 10570 levels. On higher side 10690-10710 will be trading resistance.

Avoid any kind of investment as market is still looking expensive.

Strategy for Nifty May future – SGX Nifty is showing for the start at 10650 levels. This is something where I just prefer to avoid fresh trade. It can take either way; it has possibility for 10700 levels as well as 10600 levels. It is just at mid points. Risk reward ratio is just 50-50 so expiry day may not be greatly in favour of trade. Although it seems that biasing is towards rise.

BANK NIFTY May future – Bank Nifty is still not looking comfortable. It has not shown the same strength as of Nifty. Technical support for Bank Nifty will be at 26100 levels. On higher side 26400 levels are going to be decisive. Let us see how it will react on 26400+ levels. If it can sustain above 26400 then we can see fresh addition of rise. I just think that even if strength comes then also it will not have great life.

30 May 2018: Nifty Elliott wave analysis: What a reaction at the resistance of 10710-10720 levels!!! Expect fresh dip today and tomorrow.

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

Analysis 30 May 2018: -

On 29 May 2018: FII Net Sold – 407.33 INR Crs:  DII Net Bought – INR – 578.38 Crs

Market shaped itself very well as projected by technical studies. It saw a bounce and then a dip. Now technical charts are suggesting fir the retest of support of 11440 and that is well 200 points from current levels. We are just a day away from derivative expiry of this month contract.

I already gave a word of caution from higher levels. If one has added short near the resistance which emerged later as top then they can prefer to hold short trades with proper stop loss till expiry. I can see a violent expiry this time.

For today’s trading session, I am expecting a lower as indicated by SGX Nifty. It may open near 10550 levels. We can expect two important trading support, one is at 10500 and then at 10440 levels. After opening, Nifty will face resistance at 10610 to 10640 levels. Do not opt trading long for today and tomorrow. One can focus on banking stock for trading opportunities.

Avoid any kind of investment as market is still looking expensive.

Strategy for Nifty May future – My suggest was for caution at top and words came true. Although I was not expecting such a sharp fall immediately. I can say that market has done something yesterday which I was expecting for today. Gap down is another spoiler. If one haven’t short from yesterday then one cannot initiate trade today.

BANK NIFTY May future – Bank Nifty looks alarming. If this starts falling then one can expect this to rest only at 25800 levels. There are no levels safer at higher side. Suppose if it opens at 26000 levels then risk reward will be much higher. Let us see where will it open and how much can it fall.

29 May 2018: Nifty Elliott wave analysis: Caution continues near the resistance of 10710 resistance mark.

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

Analysis 29 May 2018: -

On 28 May 2018: FII Net Sold – 795.06 INR Crs:  DII Net Bought – INR – 1017.65 Crs

I am not negative yet on market after a bounce of almost 300 points from the bottom. So far so good and bounce gave hope to the traders. To me the charting points are very important. As of now, 10710 are going to act as crucial resistance. If it can able to stand tall above 10710 then we can expect 10780-10800 levels.  Although I believe that bounce may not sustain if it fails at 10710 levels.

Good part of the trade is that we will get clarity by a day or two. Hence I wrote the word “caution”. A dip of nervousness may be at this point which can pull the market down.

For today’s trading session, I am expecting a lower opening which may not be too bad. After opening we can expect support at 10600 levels. I am not saying yes or no for long trade. One must watch the momentum and support. If Nifty tend to take support at 10600 or before then only I can think to trade long for intraday else I may pass the day for clarity on chart. Is it making at 10710 resistances or giving up? That’s the question.

Avoid any kind of investment as market is still looking expensive.

Strategy for Nifty May future – Nifty future to about to open at 10670 levels. This is not going to be bad opening but it just reacting at resistance at 10710 levels. Meaningful support is only at 10600 levels that are can make market volatile in case of fall. So, my preference is to buy in dip with stop loss just below 10600. Well, as I said I may ignore the day for trade for better clarity in trades. Buy call is just my view.

BANK NIFTY May future – Bank Nifty goes better than Nifty and that’s what I was expecting in bounce. In fact, banking stocks provided good trading support. Now, it is hits a high at 26675 and so it is extremely over bought in trading chart. I can expect some price correction but wait. This is not a call to trade short. If one wants to trade short then one must wait for the day. Today, we can see bounce from low. Hence, I am not on trade for the day.

25 May 2018: Nifty Elliott wave analysis: Litmus test for bounce will come today. Cautiously optimistic.

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

Analysis 25 May 2018: -

On 23 May 2018: FII Net Sold – 311.11 INR Crs:  DII Net Bought – INR – 789.78 Crs

We got the expected bounce. It was technical in nature which intraday traders must have enjoyed. Real test of bounce will come today. The biggest challenge on the chart is at 10560 levels on Nifty, a previous support will become resistance.

Now, it is the time to be concerned on Oil price. I rarely watch TV but I watched last night. I heard someone connecting higher oil price with development, so called Vikash. It is damn stupid logic. If a thing goes like this then economy has to pay a lot. So far, stock market has not reacted at all with higher energy oil price. At some point, Stock market will react.

If I connect the current pace of rise on oil price and compare with all time high then if it touches all time high again then we have to pay Rs 200-250 per Litre for Petrol.

For today’s trading session, I go with caution and I am expecting the extension of the rise which started yesterday. Technical support will be at 10480-10460. As long as it is above 10460, there is no point of shorting. On higher side we can expect first meaningful resistance at 10560. The next move will depend on the nature of market at 10560.

Avoid any kind of investment as market is still looking expensive.

Strategy for Nifty May future – Nifty future to about to open at 10515 levels. This is sufficient high to expect strength. It may take a dip before rise and then traders should prefer to trade long in dip with stop loss somewhere near to 10460. If it breaks 10460, then market to go on reverse mode again. Remember that market has yet to react with higher oil price sooner.

BANK NIFTY May future – Bank Nifty bounce sharper than expected and it came to 26000 levels. For today’s session we can expect technical support at 25800 levels. On higher side we can wait to see for 26100 levels. I am not very convinced for great extension of recovery hence I am going to trade limited and I will this index for long.

24 May 2018: Nifty Elliott wave analysis: Eighth day reversal is possible today. Hence, I may play for bounce.

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

Analysis 24 May 2018: -

On 23 May 2018: FII Net Sold – 311.11 INR Crs:  DII Net Bought – INR – 789.78 Crs

So far, it goes so good with great intraday dip which took Nifty below 10440 as expected. Technical set up is still in favour of bears even after big hammering on index without much great reason. This might be the reflection of market undertone which is definitely not very confident. This used to be my words from past many months that confident money is not participating in market since long hence market has limited up move.

What are the chances of bounce? Well, today is the eighth day from the top of 10929. If it has to bounce then we have no better day than today.

For today’s trading session, I will either sit on side line of trade on long side with suitable stop loss. My strong terms and conditions is that Nifty must stand above 10400 for me to go long. I will play with my usual stop loss of 30 points. I am going to trade as per wave indicated. If it works then I should expect a bounce of 100 points from today’s low. This bounce may have life till tomorrow at least. I must repeat that sooner or later market will head towards 10000.

Avoid any kind of investment as market is still looking expensive.

Strategy for Nifty May future – Nifty future has almost over done in very short term chart and a bounce deserve. As said above I am just preparing to play for bounce on a condition that as long as it is saving 10400. Let us see where it opens and where can we able to buy with conviction.   

BANK NIFTY May future – Bank Nifty goes to the low of 25550 levels and it was almost 250 points down from the recommended figure of 25800 levels. Now for the day I am expecting at least on attempt for reversal. I must repeat that this is going to be bounce which is just technical in nature after over sold zone. It arises due to long sell off of nearly 1400 points. Expect 25800 in bounce.   

23 May 2018: Nifty Elliott wave analysis: Yesterday’s low must be respected to see any pullback in the market. If breaks then no possibility of pullback.

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

Analysis 23 May 2018: -

On 22 May 2018: FII Net Sold – 1651.63 INR Crs:  DII Net Bought – INR – 1496.83 Crs

Intraday bounce hit yesterday but died near 10560 which were expected in the line. For today’s session market may take another attempt. In doing so market need to respect yesterday low of 10490. We are living on the edge of another possible fall if it breaks 10490. It can easily give up fresh 40-50 points in very short time.

On higher side Nifty will face resistance at 10555-10560 levels.

For today’s trading session, my views remain same. Either it can revive but such chances are not so bright. For shorting on trades on index one can wait for the break of yesterday’s low. On other way it may give sign of weakness like yesterday from the top. I need to be fair. Nifty may try to take a race towards 10400 levels if sell off begins with fresh money.  

Avoid any kind of investment as market is still looking expensive.

Strategy for Nifty May future – Nifty future took support at 10500 yesterday. For today’s session it may get a flat opening. Now, suppose if it breaks lower on nervousness then it will generate a short signal below 10500 for the quick fall of 40-60 points. This may be opportunity for traders.  

BANK NIFTY May future – I am keeping study for Bank Nifty remains same. It is playing around 25800 support levels and this may give first sign of pullback. This may be more impressive than Nifty if pull back comes. Time is on for pullback but take caution. If it breaks below then who knows it can again slip shaper. Sooner or later this will fall but for the time being I am eyeing for pullback.

22 May 2018: Nifty Elliott wave analysis: It slipped below 10555 and next likely support will be at 10440. Even a little pullback wouldn’t help much.

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

Analysis 22 May 2018: -

On 21 May 2018: FII Net Sold – 496.03 INR Crs:  DII Net Bought – INR – 1190.56 Crs

This was expected and it closed much below 10555. This is a clear sign of threat but looks like it has over done in short term. From euphoric impulse, we are on sixth day today. Even if pullback comes then also it may not sustain. Question is, can we expect pullback? My answer is that we can expect at least one such attempt and what can be better than today when global market is doing well.

I am expecting attempt for 10555+ levels today and then once again market can exhibit weakness at some higher point. It may not be safer to short without pull back.

For today’s trading session, market is likely to take moderate to flat opening with possibility of pullback with can take this to some higher levels near 10555. I am not very firm for today’s trade. If it shows weakness near top above 10555 then only can plan to trade short else market may reflect some strength. Be careful for trades. All possibilities are open.

Avoid any kind of investment as market is still looking expensive.

Strategy for Nifty May future – Nifty future once again goes the way I was expecting and slipped faster once it broke 10600 levels. Now, it has trading support at 10500 and the break will give 10440 levels. I would rather prefer to trade short on rise if it gives signs of weakness near top. Let us see if it comes.

BANK NIFTY May future – It is playing around 25800 support levels and this may give first sign of pullback. This may be more impressive than Nifty if pull back comes. Time is on for pullback but take caution. If it breaks below then who knows it can again slip shaper. Sooner or later this will fall but for the time being I am eyeing for pullback.

21 May 2018: Nifty Elliott wave analysis: Final Support is at 10555-10560. In case, it gave up gap up then test of 10560 is very likely.

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

Analysis 21 May 2018: -

On 18 May 2018: FII Net Sold – 166.15 INR Crs:  DII Net Bought – INR – 149.58 Crs

Whole last week went in favour of bears. Nifty has closed below 10600 levels with low at 10589. The very next and the most important support are at 10555 levels as quoted on the given chart. Technical set up is suggesting that one should not opt shorting now unless it breaks 10555 levels on decisive note. Right now, SGX Nifty is pulled due to sharp rise in Dow Jones Futures.

It was suggested last week that Nifty has support decisive support near at 10560. Time has come to test the support.

For today’s trading session, market is likely to take gap up under the effect of SGX Nifty which is running parallel to the DJIA Future. This may not be the reality for Indian market. Suppose if it opens higher and then starting giving up again then it can test levels near to 10555. If it maintains gap up like 10630 then this can be other way around. Monday is decisive for the week. I am warning again that May month fall has bad history.

Avoid any kind of investment as market is still looking expensive.

Strategy for Nifty May future – Nifty future goes the way it was predicted. Now, things are looking to get a higher opening of odd 30-40 points. If it can manages to maintain this gap up then only it can give a turnaround story but this may not be likely. I suggest waiting and watching for the day before hitting trades. If it goes below 10600 then 10555 is very likely.

BANK NIFTY May future – It hit my suggested levels of 25800. Just see how easily it can give up 1000 points in a week. This is the true reflection of market undertone. Now, keep an eye on 25800. This may be nasty if it breaks. To me, charts of BankNifty is weaker compared to Nifty. I am keeping this point under observation. Avoid adventures.

18 May 2018: Nifty Elliott wave analysis: Support for Nifty is at 10600-10560 and then a possible panic fall. (To save fall-today must be positive close)

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

Analysis 18 May 2018: -

On 17 May 2018: FII Net Sold – 830.94 INR Crs:  DII Net Bought – INR – 428.92 Crs

I have updated for the fall to be steeper one the break of 10700. Nifty goes in the same way. Today is Friday and market is not shaping well to get support at lower levels. Fibonacci based retrenchment is showing that market can extend its fall towards 10560 levels too.

I can expect some trading support at 10600 and then it can get next support at 10560 levels. This is definitely alarming on charts although this warning sign is not visible on momentum side. This kind of pattern deserves caution.

For today’s trading session, market is likely to take another soft opening. Technical charts have a sense that it can get support 10600 levels after losing support at 10700. There are many momentum technical indicators which are indicating that this fall can turn nasty sooner. Remember, May fall of this kind has a bad history if it get support of momentum. I cannot deny such situation.

Avoid any kind of investment as market is still looking expensive.

Strategy for Nifty May future – Nifty future has seen almost 200 points of fall. It is likely to open around 10670. Afterward we can expect trading support at 10650. Break below 10650 will give you a quick fall of 30-50 points. On higher side it will face resistance at 10720-10740 levels.

BANK NIFTY May future – I have already quoted for the possibility of 26000 which turned a reality yesterday. Now, technical charts are shouting for the next support at 25800. I am firm on my view that this index may be in trouble in near future. Impulsive and short term rise can be utilized for trading purpose only. A nasty fall will come sooner !!!

16 May 2018: Nifty Elliott wave analysis: Looks like Karnataka state assembly result gave a short term top @ 10928.

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

Analysis 16 May 2018: -

On 14 May 2018: FII Net Bought – 518.47 INR Crs:  DII Net Bought – INR – 531.33 Crs

I have quoted for the possibility of 10910 levels and a follow up correction. Market goes in a same way. Price correction was unavoidable in case Karnataka got hung assembly. Technical charts were already showing this. Election result just gave us an excuse. One must take this as warning sign. May month correction has history of turning dirty especially whenever it comes in the mid of the month.

Technical signs are showing for the possibility of 10600 levels. Those who added short above 10900 must be enjoying.

For today’s trading session, market is likely to take soft to nervous opening. In case of gap down opening market may go on pause note. Ultimate support for the day is expected to be at 10700 levels. On higher side anything above 10820-10840 is likely to face resistance only. I am issuing a stronger warning. Correction should take a halt before 10600 but if it breaks then fall or correction can be nasty.

Avoid any kind of investment as market is still looking expensive.

Strategy for Nifty May future – Nifty future retreat after an impulsive top and practically failed to sustain much long above 10900 levels. I am definitely looking for the possibility of 10600 till the end of this week or by early next week. Unless it goes strongly above 10840, one should avoid buying.  

BANK NIFTY May future – It has a great high and great top above 26900. It closed on disappointing note. Well, the way it corrected, market may go to hit 26000 on momentum. I feel that time has done to trade long on short term. Any close below 26000 would be concerning. Wait-watch and then initiate trade. It has a possibility of big gap down.

15 May 2018: Nifty Elliott wave analysis: Can Karnataka State assembly result put market under SHOCK !!!

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

Analysis 15 May 2018: -

On 14 May 2018: FII Net Bought – 717.99 INR Crs:  DII Net Bought – INR – 687.23 Crs

Right now, all eyes are on Karnataka state assembly election. Market will definitely respond to this result in opening minutes itself. I am compiling this article when trend has yet to come live. Market has perhaps discounted the possibility of hung parliament. Well, I still have a view that at these levels of 10800 market has to respond possible negative outcome. Hence, I am not trading bullish for the day unless result comes with clear support for central government. Anything out from majority for BJP is a setback.

Technical sign is still bullish above 10800. Well, ignore all those and just watch the outcome of Karnataka State election. RSI looks on negative divergence.

For today’s trading session, market is likely to take soft and nervous opening. Anything below 10800, I suggest that market may go in SHOCK !!! mode. If market falls then first support is at 10710 and then straight at 10600 which have some meaning. Remember, market may respond as we were near to resistance at 10900 levels.

Avoid any kind of investment as market is still looking expensive.

Strategy for Nifty May future – I have no take for the day. If election outcome goes against BJP then market bound to fall. Fall may go as big as 10700 or it may hit 10600 sooner. Nifty was already near to resistance at 10900 levels. Reaction needs some excuse and election result is giving one such.

BANK NIFTY May future – It has a high 26565 and so I can count that 26600 has almost done. So reaction may be on the line. I am afraid that reaction looking to wild if Karnataka State assembly result goes against BJP. Be prepare, worse case target may be as worse as 26000. Whose knows if this can hit 25800 also.

14 May 2018: Nifty Elliott wave analysis: As long as it is above 10800, Nifty can be expected to take a move for 10903-10910.

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

Analysis 14 May 2018: -

On 11 May 2018: FII Net Sold – 325.44 INR Crs:  DII Net Bought – INR – 1163.35 Crs

In terms of event it is going to be a crucial week with outcome of Karnataka state assembly result. It seems that market is digesting the possibility of hung parliament and we must thanks to improved global cues. Nifty has already closed above 10800 levels after long time. As it is just above 10800 so we need to see the time that it can spend above this level.

Technical charts will be in favour of bulls as long as Nifty is standing above 10800 levels. My next expected levels will be at 10910 as shown in the given chart. Suppose if we see a positive news flow then we can even see 11000. Well, here is deserves caution. If market has to reverse in near term then nothing can be better levels than this one.

For today’s trading session, market is likely to take soft opening. Technical set up is suggesting a buy while tomorrow’s event suggests holding patience for 100 points swing. If technical favours then I will go for a soft buy with suitable stop loss. Take a note that Bank Nifty is performing better than blue chip index as mentioned form past few days.

Avoid any kind of investment as market is still looking expensive.

Strategy for Nifty May future – It was recommended to buy above 10800 for some quick gain and market unfolded as expected. It got a gain of 30-32 odd points. As things continue to be in favour of bulls then another extension of this rise is possible. Technical support is at 10770 levels and stop loss must be below those levels.

BANK NIFTY May future – It also went higher as expected and hit a high at 26430. Well, next crucial and meaningful mark to test is going to be at 26600+ levels. Technical support is at 26250 to 26200 levels. Buying in an option but be cautious at higher levels till tomorrow. Anything below 26200 may be the sign of alteration of direction.

11 May 2018: Nifty Elliott wave analysis: Another attempt is expected for 10800. Can it cross above 10800?

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

Analysis 11 May 2018: -

On 10 May 2018: FII Net Sold – 364.88 INR Crs:  DII Net Bought – INR – 900.69 Crs

Well, it came near to 10800 and then it turned shy. I have already said that market may be in the range of 10700 to 10800. Today is going to be another day when it will try to challenge 10800 backed by stronger than expected global cues.

Technical charts are still favouring bulls but money has no great courage to break 10800 on higher side. It can be taken in another way too. Once it crosses above 10800 then it can register some quicker gain of 40-50-60 points.

For today’s trading session, market is likely to take another gap up opening. I strongly suggest watching market reaction at 10800 levels. If it can manages to stay above 10800 then trade long with limited stop loss. Do consider one strong thing that Nifty has just support at 10700 which may be too far. Intermediate support will be at 10740 after opening.

Avoid any kind of investment as market is still looking expensive.

Strategy for Nifty May future – For today trading one can expect opening around 10790 as SGX nifty is giving such cues. This gap up takes out first round of long opportunity. Now, keep watching 10800+ levels very carefully. If it can spend time above 10800 then one can trade long. One can use stop loss just below 10770 but buy only above 10800.

BANK NIFTY May future – it took support at 26000 levels after hitting resistance of 26200+. It going to take another attempt to take a test around 26400 levels. This may be impressive anytime. I am not betting much higher rise. Rise may be limited so one need to be very careful at higher levels.

10 May 2018: Nifty Elliott wave analysis: It still has to challenge 10800. Market may turn on cautious note before KTK election.

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

Analysis 10 May 2018: -

On 09 May 2018: FII Net Sold – 704.03 INR Crs:  DII Net Bought – INR – 664.92 Crs

We saw an upside yesterday. It was purely technical rise which should be taken as an attempt to cross the crucial resistance of 10800 on Nifty. As it reaches closer to Karnataka election, market should turn cautious. I am not speculating anything on upcoming election result but market may be nervous at any moment and that is my point of concern. Nervousness may be due to some odd expectation.

Based on technical chart I am looking for a move towards 10800 and then I will take a decisive next course of call. Cross over of 10800 will indicate a move towards 10910. This move should have support at 10680 and 10600. It is a weekly view.

For today’s trading session, my conviction is that we may get a flat and dull opening and market may remain in a narrow range. Even if it does so then also we may be not get range broader than 100 points, from 10700 to 10800. To me, I like to see 10800 on screen. Let us see if it comes.

Avoid any kind of investment as market is still looking expensive.

Strategy for Nifty May future – For today trading one can expect opening around 10770 which is going to be better one if it does so. This may be the first hint that market may try to take an attempt for 10800 levels. Technical indicators like RSI are still missing a decisive signal for break above 10800. Buy in dip is a strategy? I cannot say right now. Once it goes above 10800 then we may see some quicker addition on Nifty points.

BANK NIFTY May future – Day by day it is generating strength. Technical charts are giving bullish sign from 25900. It is expected to hit around 26400. It is likely to do this in a day or two. This is an opportunity to trade on long side. Technical support stands at 26050 to 26000. Can it cross above 26400?

09 May 2018: Nifty Elliott wave analysis: Nifty remains intact at 10700 levels. One can expected limited moves only before decisive moves.

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

Analysis 09 May 2018: -

On 08 May 2018: FII Net Sold – 97.15 INR Crs:  DII Net Bought – INR – 923.25 Crs

Bankers have won their case in UK against Vijay Mallya. It looks like market was sensing this from past few days as banking index was in favour of such good news. Well, this news has not shown much impact in blue chip index.

A technical chart has a simple that 10720 is a decisive resistance and Nifty is trading here and there near this range only. I still do not see much reason to believe for much upside form current levels. Market may go on halt before state assembly result. I am taking a cue that Nifty is finding it tougher to respond positive at 10800 or nearby levels.

For today’s trading session, my conviction was less for trading positive yesterday and it was proven right. Technical charts are still showing some chance of dull trade. Up side is possible as long as it holds 10680 kind of levels but it may not be a trend which can sustain. One can trade long with caution at higher levels. Once again Banking stocks may show better activity than index.

Avoid any kind of investment as market is still looking expensive.

Strategy for Nifty May future – For today trading one can expect opening around 10710-10700 kind of levels and there after it may show some positive activity. I am advising caution at higher levels like 10780+. If Nifty May future starts trading below 10680 then next moves may go in favour of bears with next meaningful support at 10600 levels. Sooner or later Nifty future may go lower only in medium term trend.

BANK NIFTY May future – This may get better than expected opening. As long as it is above 26000 one can expect a possible target at 26200 levels. Once it goes above 26200 we can expect a move towards 26400 as it may have a gap fill chance with momentum. This may provide a better long trade opportunity. Support stand at 25900.

08 May 2018: Nifty Elliott wave analysis: Crossover of 10720 shows sign of strength but upside must be limited. Still 10900 is possible.

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

Analysis 08 May 2018: -

On 07 May 2018: FII Net Sold – 635.24 INR Crs:  DII Net Bought – INR – 1037.23 Crs

Indian market goes in parallel to the strength of global indices and moved ahead. In recent days it moved from 9950 to 10800 without much significant correction. As of now it can be concluded that above 10720 it has fresh sign of strength and a test of strength will emerge at 10800+ levels before hitting 10910 levels. Well, momentum goes in favour of bulls.

For today’s trading session, my conviction is less in trading long looking on to that we already have a big rise from 9950 to 10800. We have some crucial state assembly election ahead which has a capacity to turn the table. Yesterday, some private banks were in gainers list. This is surprising and inviting. Rather than trading index at this point of time we should prefer to trade better stocks. I still say, trade with caution in May month. We will get clear trade from 15 May onwards after state election.

Avoid any kind of investment as market is still looking expensive.

Strategy for Nifty May future – For today trading above 10750 we are getting signals trade long with a possible hit towards or above 10800+ levels. If momentum favours then we can see 10900+ levels in coming days but higher levels near to 11000 will invite dicey moves. I prefer to avoid trades on index.

BANK NIFTY May future – I am sceptical towards banking index since this January itself. From the levels of 25900, I have no great conviction but technical charts are favouring for a move towards 26200 kinds of levels with support at stop loss should be at 25700 levels. It may try to cover a gap down which we saw in February month.

07 May 2018: Nifty Elliott wave analysis: Nifty resistance at 10710-10720. Do not opt trading long unless fresh money hit the market.

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

Analysis 07 May 2018: -

On 04 May 2018: FII Net Sold – 1628.23 INR Crs:  DII Net Bought – INR – 1084.09 Crs

Welcome back!!! I am writing after a long time due to some of my personal works.

Market did a lot since I left. Before leaving I had projected for the possibility of 10000 which hit on 26 February. Afterwards, it took a zig zag moves to go in favour of bulls. Well, that a past and question is what is going to happen next. As of now, I am looking at two crucial resistances. One is at 10706 and next is at 10910. These are based on Fibonacci retrenchment. Global cues are definitely better compared to normal days with great gain on DJIA.

For today’s trading session, market may open on flat to positive note. I see a resistance emerging at 10700-10720 levels. I am not suggesting shorting immediately but it has great chance of facing massive resistance in moving above 10710. In doing so, market will give a possible sell signal. Buying from this point of time may not be great opportunity with limited amount of rise left. In the down side if nifty breaks below 10600 we can expect some great signal to short for two three days point of views.

Avoid any kind of investment as market is still looking expensive.

Strategy for Nifty May future – For today I suggest traders to keep an eye on initial rise which may  take Nifty future towards 10710-10720 and then opt shorting with stop loss above 10750 for a possible dip of 100 points in 2-3 days. Well, above 10750, it may open a room for 10900 levels. Be opportunistic.

BANK NIFTY May future – I am sceptical towards banking index since this January itself. Right now it is running at 27725 and it my view that this index is already running higher with great amount of risk. I strongly advised traders to avoid this index from any kind of bullish activity. Short term technical charts are suggesting for resistance at 28000-28300.