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.