31 May 2018: Nifty Elliott wave analysis: Expect volatile expiry with few odd swings. Do not prefer to trade.
You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis 31 May 2018: -
On 30 May 2018: FII Net Sold – 1286.91 INR Crs: DII Net Bought – INR – 492.36 Crs
Well, we are on derivative expiry day. Has the month done too much? My
answer is “no”. This was not traditionally known May month. Looking in to past
two days of trade I feel that only hallmark for the day is going to be
volatility. It can be on both sides, up and down. I am expecting trading range
to be
Momentum technical indicators are looking to be little in favour of
rise but I ignore all such signal for expiry day. I just avoid trading on expiry
day due to unwanted swings.
For today’s trading session, I am expecting a positive kick off trade
for the market. This may be just boosted by big rise in US market. It is going
to be interesting to see how long it is going to shape up after one hour. Technical
support will be at 10580 to 10570 levels. On higher side 10690-10710 will be
trading resistance.
Avoid any kind of investment as market is still looking expensive.
Strategy for Nifty May future
– SGX Nifty is showing for the start at 10650 levels. This is something where I
just prefer to avoid fresh trade. It can take either way; it has possibility for
10700 levels as well as 10600 levels. It is just at mid points. Risk reward
ratio is just 50-50 so expiry day may not be greatly in favour of trade. Although
it seems that biasing is towards rise.
BANK NIFTY May future – Bank
Nifty is still not looking comfortable. It has not shown the same strength as
of Nifty. Technical support for Bank Nifty will be at 26100 levels. On higher
side 26400 levels are going to be decisive. Let us see how it will react on
26400+ levels. If it can sustain above 26400 then we can see fresh addition of
rise. I just think that even if strength comes then also it will not have great
life.
Join the conversation