05 June 2018: Nifty Elliott wave analysis: Nifty goes on alarming trades. Looks like we are on short term top !!!

You must read previous articles and watch the given chart carefully to understand this article completely.

Analysis for 05 June 2018: -

On 04 June 2018: FII Net Bought – 2354.03 INR Crs:  DII Net Sold – INR – 712.41 Crs

I do consider the high of 10760 as expiry day misguidance. As it was well short from 10825 resistance mark hence we saw almost a brutal fall after a positive start. This kind of moves used to happen after expiry. Today is crucial as it may again indicate the retest of support of 10440-10400 marks.

This fall may not have good chance of getting support on 10400 levels as waves may indicate the possible extension. If this happens then we can expect a possible great indication of a great dip. This may be the dip of life time. Be aware and stay away from any kind of investment.

For today’s trading session, market is expected to open negative note. Immediate next support will be at 10580 levels. Technical charts will be in the support for the possible target of 10500 for intraday. Expect a big day. On higher side 10660-10670 will act as zone of resistance.

Avoid this rise for any investment as market may be in a possible situation of big time divergence.

Strategy for Nifty June future – Nifty June future is expected to start at 10580+ levels and this may turn out to be bear gap down opening. We may not see gap fill up. If this happens then day may end up near or below 10500 levels.

BANK NIFTY June future – Bank Nifty remains volatile than ever in recent days. Technical levels 26200 have some great importance but it will take down in gap down opening. The next big levels of support will be at 25800 levels. No levels can be safer at higher side. I have a view that Bank Nifty will hit more if great dip starts.