11 July 2018: Nifty Elliott wave analysis: Nifty can challenge 11000 marks anytime.
You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis for 11 July 2018: -
On 10 July 2018: FII Net Sold – 20.73 INR Crs: DII Net Bought – INR – 293.96 Crs
Even after lots of flip flop market goes in favour of reverse H&S
pattern. It hit a high near to 10960 levels. This is impressive closing. I always
insist to watch for follow up of trade. We got breakout yesterday with volume
and conviction. If follow up of rise comes then 11000 is just a figure. Can we
expect some psychological resistance? It used to come and it’s unavoidable. It has
no great technical importance.
Technical support will be at 10860 levels. A level with was resistance
earlier, now become support.
For today’s trading session, market is expected to open with moderate
loss of 25-30 points due to sharp fall in US market future but it should hardly
affect as long as fall does not extend. I have a warning. If fall extend then
only we can expect pause or pullback on Nifty. Else, Nifty is strong enough. I am
expecting rise and Nifty can extend close to 11000 marks.
Avoid this rise for any investment as market may be in a possible
situation of big time divergence.
Strategy for Nifty July future
– Nifty July SGX future is trading at 10930 which are not too bad in this scenario.
Technical support is in the zone of 10870-10850 levels. I am expecting the test
of 11000 to 11020 levels sooner or may be today itself. Well, Reverse H&S
pattern can result a test of all-time high. Let us see what’s coming today.
BANK NIFTY July future – It
was also close to 27000 levels. I am expecting this index to be stronger then nifty
if strength comes. Technical support is at 26800 to 26700 levels. Cross above
27000 may result some quick fire gain towards 27200+ levels. Caution requires
if support starts breaking although such in very unlikely to happen.
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