You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis 09 May 2018: -
On 08 May 2018: FII Net Sold – 97.15 INR Crs: DII Net Bought – INR – 923.25 Crs
Bankers have won their case in UK against Vijay Mallya. It looks like
market was sensing this from past few days as banking index was in favour of
such good news. Well, this news has not shown much impact in blue chip index.
A technical chart has a simple that 10720 is a decisive resistance and
Nifty is trading here and there near this range only. I still do not see much
reason to believe for much upside form current levels. Market may go on halt
before state assembly result. I am taking a cue that Nifty is finding it
tougher to respond positive at 10800 or nearby levels.
For today’s trading session, my conviction was less for trading
positive yesterday and it was proven right. Technical charts are still showing
some chance of dull trade. Up side is possible as long as it holds 10680 kind
of levels but it may not be a trend which can sustain. One can trade long with
caution at higher levels. Once again Banking stocks may show better activity
than index.
Avoid any kind of investment as market is still looking expensive.
Strategy for Nifty May future
– For today trading one can expect opening around 10710-10700 kind of levels
and there after it may show some positive activity. I am advising caution at
higher levels like 10780+. If Nifty May future starts trading below 10680 then
next moves may go in favour of bears with next meaningful support at 10600
levels. Sooner or later Nifty future may go lower only in medium term trend.
BANK NIFTY May future – This
may get better than expected opening. As long as it is above 26000 one can
expect a possible target at 26200 levels. Once it goes above 26200 we can
expect a move towards 26400 as it may have a gap fill chance with momentum. This
may provide a better long trade opportunity. Support stand at 25900.
