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 !!!
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