30 July 2018: Nifty Elliott wave analysis: As expected it hits a new life time and expected to hit 11450 levels.
You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis for 30 July 2018: -
On 27 July 2018: FII Net Bought – 738.05 INR Crs: DII Net Bought – INR – 406.12 Crs
Well, it was first indicted by reverse H&S pattern that Nifty is
going to hit all-time high. Now based on the same pattern we can expect target
around 11450 levels. Market goes with conviction and it is moving to higher day
by day.
Once again a big question is how long this continues. My answer is
simple that market will see a significant correction within a year of time. So far
enjoy the rise as long as it holds. Money flow remains supportive but such
levels equally demand great amount of caution.
For today’s trading session, market is expected to open higher as
indicated by SGX Nifty. Broader participation suggests that market will sustain
at these levels for some time. Nifty will get good support at 11170-11200
levels for some time. As long as it holds 11170 we can expect market to remains
higher. First logical target based on technical analysis is 11450.
Avoid this rise for any investment as market may be in a possible
situation of big time divergence.
Strategy for Nifty August
future – Nifty August SGX future is trading at 11330 which is a good
opening at this time. Technically as long as it is staying above 11270 for the
day we can expect market to advance only. Charts and momentum indicates are
giving for a move towards 11450-11500 levels before correction. Cautious long
is a trade.
BANK NIFTY August future – I
was expecting Bank Nifty to hit around 27500 and it did it successfully. Technical
moves are giving hit got the test of 28000 also. Sectoral indices are stronger
than Nifty and in case of the possibility of profit taking also it will give
first reaction. So far it looks like Bank Nifty will rise till 28000 Let us
see.
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