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.
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