You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis 22 May 2018: -
On 21 May 2018: FII Net Sold – 496.03 INR Crs: DII Net Bought – INR – 1190.56 Crs
This was expected and it closed much below 10555. This is a clear sign
of threat but looks like it has over done in short term. From euphoric impulse,
we are on sixth day today. Even if pullback comes then also it may not sustain.
Question is, can we expect pullback? My answer is that we can expect at least
one such attempt and what can be better than today when global market is doing
well.
I am expecting attempt for 10555+ levels today and then once again
market can exhibit weakness at some higher point. It may not be safer to short
without pull back.
For today’s trading session, market is likely to take moderate to flat
opening with possibility of pullback with can take this to some higher levels
near 10555. I am not very firm for today’s trade. If it shows weakness near top
above 10555 then only can plan to trade short else market may reflect some
strength. Be careful for trades. All possibilities are open.
Avoid any kind of investment as market is still looking expensive.
Strategy for Nifty May future
– Nifty future once again goes the way I was expecting and slipped faster once
it broke 10600 levels. Now, it has trading support at 10500 and the break will
give 10440 levels. I would rather prefer to trade short on rise if it gives
signs of weakness near top. Let us see if it comes.
BANK NIFTY May future – It is
playing around 25800 support levels and this may give first sign of pullback. This
may be more impressive than Nifty if pull back comes. Time is on for pullback
but take caution. If it breaks below then who knows it can again slip shaper. Sooner
or later this will fall but for the time being I am eyeing for pullback.
