18 July 2018: Nifty Elliott wave analysis: Nifty can challenge a new life time high anytime. It’s a matter of time.

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

Analysis for 18 July 2018: -

On 17 July 2018: FII Net Sold – 673.99 INR Crs:  DII Net Bought – INR – 840.06 Crs

Market hit a high at 11078 and then a profit taking took it down to 10926 levels. After profit taking it has again started with upward journey. Now for today’s trading session market will be strongly backed by stable global cues. So it has every chance of hitting 10080 on higher side. Only technical resistance that I can see is at 11172 levels which is life time high for Nifty.

Recent low of 10926 is a threshold support for Nifty. As long as it holds 10926 we can say that Nifty has every chance to come near its all-time high.

For today’s trading session, market is expected to open higher. Technical momentum is on bullish side as this rise is going to be backed by a correction. It has first technical resistance at 11080 levels. Trade long on your selective stocks with profit support.

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 11050 which are going to be a good opening. In any intraday pullback it is a buy with stop near 11000 marks with a possible rise towards 11100 levels. One should not prefer shorting at any stage of trading today.

BANK NIFTY July future – It finally surpassed the levels of 27000 marks which I was expecting since many weeks. Bank Nifty has a technical level to be tested as next key level is going to be 27400-27500. We can expect technical support at 26800 as key support for today’s session. I am not very to trade this index but if I have a choice then I would like to buy the dip.