12 June 2018: Nifty Elliott wave analysis: Nifty 10850 is just too critical for the day. Make or Break?


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

Analysis for 12 June 2018: -
On 11 June 2018: FII Net Sold – 1156.77 INR Crs:  DII Net Bought – INR – 1062.82 Crs

I quoted levels of 10800 to 10850 in my yesterday’s article. It’s a zone of resistance which is N- Line zone for reverse H&S pattern. It took a dot high at 10850 and then gave up. This makes 10850 levels a very critical one. I can say that it is a make or break levels. Big question is will it able to cross above 10850 levels. Reverse H&S pattern will be applicable above 10850 levels only.
Once it stands above 10850 then we can expect near to all –time high. So far this is a zone where bulls can be optimistic but be cautious at make or break levels. Can it reverse from here betraying bulls? Well, that’s what cautious is all about.  
For today’s trading session, market is expected to open on near 10770 levels as shown by SGX Nifty. Once it makes above 10850 then only one can be confident. Till that time it may invite dicey moves. Trading support will be at 10740 and then at 10710. Let us see what’s coming for the day.
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 10770+ levels. Afterward we can expect a technical trading support at 10740 and then at 10710 levels. It hit the way I was expecting 10850 yesterday but then it gave us almost everything. This makes the day out from the bull’s grip. Let us see. If possible avoid trades on dicey days.

BANK NIFTY June future – Bank Nifty should have strength above 26400 but this is not delivering same kind of strength. Well, as long as 26400 holds one can hope but I am little sceptical at this point of time. So, I will avoid this index also. Suppose if it goes below 26400 then just assume that market is not making at tops. What’s goanna happen if it truncate at top?

I’m Praveen Kumar, a seasoned Technical Analyst and stock market trader with over 25 years of experience in the Indian equity and derivatives markets. My passion for numbers and patterns led me to a dual career as a Mathematics Teacher and market technician. I specialize in Technical Analysis, with deep expertise in Elliott Wave Theory, derivatives strategies, and market forecasting. Over the years, my analysis and market views have been featured on NDTV Profit as a financial guest, along with published articles on reputed financial web portals, sharing insights on Nifty 50, Bank Nifty, and stock market trends. As a trader and analyst, I focus on interpreting price action, chart patterns, wave counts, and technical indicators to deliver precise market levels and actionable trade ideas. My approach blends classical charting with modern analysis tools to help traders navigate market volatility. Through VieCapital, I aim to share daily market analysis, trading strategies, and educatio…
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