You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis 24 May 2018: -
On 23 May 2018: FII Net Sold – 311.11 INR Crs: DII Net Bought – INR – 789.78 Crs
So far, it goes so good with great intraday dip which took Nifty below
10440 as expected. Technical set up is still in favour of bears even after big
hammering on index without much great reason. This might be the reflection of
market undertone which is definitely not very confident. This used to be my
words from past many months that confident money is not participating in market
since long hence market has limited up move.
What are the chances of bounce? Well, today is the eighth day from the
top of 10929. If it has to bounce then we have no better day than today.
For today’s trading session, I will either sit on side line of trade
on long side with suitable stop loss. My strong terms and conditions is that
Nifty must stand above 10400 for me to go long. I will play with my usual stop
loss of 30 points. I am going to trade as per wave indicated. If it works then I
should expect a bounce of 100 points from today’s low. This bounce may have
life till tomorrow at least. I must repeat that sooner or later market will
head towards 10000.
Avoid any kind of investment as market is still looking expensive.
Strategy for Nifty May future
– Nifty future has almost over done in very short term chart and a bounce
deserve. As said above I am just preparing to play for bounce on a condition
that as long as it is saving 10400. Let us see where it opens and where can we
able to buy with conviction.
BANK NIFTY May future – Bank
Nifty goes to the low of 25550 levels and it was almost 250 points down from
the recommended figure of 25800 levels. Now for the day I am expecting at least
on attempt for reversal. I must repeat that this is going to be bounce which is
just technical in nature after over sold zone. It arises due to long sell off
of nearly 1400 points. Expect 25800 in bounce.
