18 June 2018: Nifty Elliott wave analysis: Still a zig-zag moves on N-line of H&S pattern. It can be decisive anytime. Up or Down?

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

Analysis for 18 June 2018: -

On 15 June 2018: FII Net Sold – 1524.74 INR Crs:  DII Net Bought – INR – 561.01 Crs

Practically, Nifty is facing hurdle at 10850 zones as it has failed to sustain above 10850 even after great intraday attempt. I have already quoted past week as a crucial week but it has not given any cue for a tradable short term trend. In that way we need to watch out for the development for today also.

Global cues are not very good; in fact it is trading weak right now. SGX Nifty is already trading below 10800 levels. I am not expecting a great trading session today. It may just hand like last half of the past week. Unless clear signal emerges one should stay away from trading activities.

For today’s trading session, market is expected to with a loss of 30-40 points somewhere. I am still not turning negative on this market yet. If it sustain below 10800 then there cannot be point to be long on the market. Technical support stands at 10750 and then at 10710. Let us see.

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 SGX future is trading near 10786 levels right now. This is just not a favourable start at this point of time. Technical charts are looking for this confusion mode to continue even for today. I am not suggesting trades for today. It is avoidable day. Prefer to sit on side line it takes out N-line on decisive way.

BANK NIFTY June future – It is also hanging on support of 26400 levels.  If it fails to respond the support at 26400 then we can expect this index to trade near 26200 which may be opening quotes. Technical charts are suggesting that at 26200 it is also for avoided. So, nothing looks great on index to deal with the beginning of this week.