13 June 2018: Nifty Elliott wave analysis: Once again, be cautiously optimistic. Above 10850 levels we can expect good moves.

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

Analysis for 13 June 2018: -

On 12 June 2018: FII Net Sold – 1168.88 INR Crs:  DII Net Bought – INR – 1327.45 Crs

Nifty is knocking the door of 10850 levels too many times. As it has already said earlier too that decisive break above 10850 will push market to a secular upside trend. We are already in a decisive week right now. Who knows if this can give decisive break by today itself? I am cautiously optimistic.

I retain my views. 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 10825 levels as shown by SGX Nifty which is going to be better start compared to yesterday’s start. Once it starts trading above 10850 we can expect market to expand higher in quicker than expected time. If rise comes then it can large as it is make or break levels.

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 10825+ levels. I do expect technical support at 10780 levels as of now for today’s trade. Although we can expect confident moves once it goes and stands tall above 10860 levels. I will prefer to trade long above 10860 levels. Let us see if we can get a chance.

BANK NIFTY June future – Bank Nifty should have strength above 26400 and it saved 26400 yesterday. We got the expected up move. Now, for today’s session this index will have a great hope. If market has to go on break out mode then Bank Nifty has to perform a lot. Technical support still lies at 26400 levels. On higher side 27000 mark will be challenging.