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.
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