You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis 14 May 2018: -
On 11 May 2018: FII Net Sold – 325.44 INR Crs: DII Net Bought – INR – 1163.35 Crs
In terms of event it is going to be a crucial week with outcome of
Karnataka state assembly result. It seems that market is digesting the
possibility of hung parliament and we must thanks to improved global cues.
Nifty has already closed above 10800 levels after long time. As it is just
above 10800 so we need to see the time that it can spend above this level.
Technical charts will be in favour of bulls as long as Nifty is
standing above 10800 levels. My next expected levels will be at 10910 as shown
in the given chart. Suppose if we see a positive news flow then we can even see
11000. Well, here is deserves caution. If market has to reverse in near term
then nothing can be better levels than this one.
For today’s trading session, market is likely to take soft opening.
Technical set up is suggesting a buy while tomorrow’s event suggests holding
patience for 100 points swing. If technical favours then I will go for a soft
buy with suitable stop loss. Take a note that Bank Nifty is performing better
than blue chip index as mentioned form past few days.
Avoid any kind of investment as market is still looking expensive.
Strategy for Nifty May future
– It was recommended to buy above 10800 for some quick gain and market unfolded
as expected. It got a gain of 30-32 odd points. As things continue to be in
favour of bulls then another extension of this rise is possible. Technical support
is at 10770 levels and stop loss must be below those levels.
BANK NIFTY May future – It
also went higher as expected and hit a high at 26430. Well, next crucial and
meaningful mark to test is going to be at 26600+ levels. Technical support is
at 26250 to 26200 levels. Buying in an option but be cautious at higher levels
till tomorrow. Anything below 26200 may be the sign of alteration of direction.
