25 June 2018: Nifty Elliott wave analysis: It is going to be very interesting expiry week. 10860 is challenging levels.
You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis for 25 June 2018: -
On 22 June 2018: FII Net Sold – 1343.44 INR Crs: DII Net Bought – INR – 1105.76 Crs
Global indices are still not very supportive. Nifty is still showing better
relative strength. Nifty sport level of 10860 is still challenging to empower
reverse H&S pattern. Well, the pattern is so strong that we can expect some
good rise on crossover but till that it may play tug of war.
At least I do not prefer to be bearish for the day. Rise against
Reverse H&S pattern with come in to effect only above 10850. It has missed
in first attempt. One high was at 10929 and another at 10893. It is interesting
to see the next.
It is not giving up at supports as money used to hit at support and
showing strength.
For today’s trading session, market is expected to open negative under
the effect of US future. Well, I am not expecting opening to that bad as SGX is
showing. It should ideally open well above 10800 levels and then it should
prefer to challenge 10860 levels. I maintain my positive view for the day and
hence for the week but I like see 10860 first.
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 with a loss of 50 odd points. Opening should
not be so bad. I am expecting trading support at 10760 and then at 10710. I may
prefer to trade long I it can see calculative risk and a possibility of desired
bounce which I am hoping. I am expecting 10860 levels. Let us see.
BANK NIFTY June future – It
gave my desired bounce. 26800 have already achieved on Friday and the next big
task is to cross above 27000 levels. Will it cross? It needs good support from
blue-chip indices. Trading support should be at 26600 and it is expected to
open around the same levels. Afterward I am expecting improvement to hit 27000.
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