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?
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