16 May 2018: Nifty Elliott wave analysis: Looks like Karnataka state assembly result gave a short term top @ 10928.

You must read previous articles and watch the given chart carefully to understand this article completely.

Analysis 16 May 2018: -

On 14 May 2018: FII Net Bought – 518.47 INR Crs:  DII Net Bought – INR – 531.33 Crs

I have quoted for the possibility of 10910 levels and a follow up correction. Market goes in a same way. Price correction was unavoidable in case Karnataka got hung assembly. Technical charts were already showing this. Election result just gave us an excuse. One must take this as warning sign. May month correction has history of turning dirty especially whenever it comes in the mid of the month.

Technical signs are showing for the possibility of 10600 levels. Those who added short above 10900 must be enjoying.

For today’s trading session, market is likely to take soft to nervous opening. In case of gap down opening market may go on pause note. Ultimate support for the day is expected to be at 10700 levels. On higher side anything above 10820-10840 is likely to face resistance only. I am issuing a stronger warning. Correction should take a halt before 10600 but if it breaks then fall or correction can be nasty.

Avoid any kind of investment as market is still looking expensive.

Strategy for Nifty May future – Nifty future retreat after an impulsive top and practically failed to sustain much long above 10900 levels. I am definitely looking for the possibility of 10600 till the end of this week or by early next week. Unless it goes strongly above 10840, one should avoid buying.  

BANK NIFTY May future – It has a great high and great top above 26900. It closed on disappointing note. Well, the way it corrected, market may go to hit 26000 on momentum. I feel that time has done to trade long on short term. Any close below 26000 would be concerning. Wait-watch and then initiate trade. It has a possibility of big gap down.

15 May 2018: Nifty Elliott wave analysis: Can Karnataka State assembly result put market under SHOCK !!!

You must read previous articles and watch the given chart carefully to understand this article completely.

Analysis 15 May 2018: -

On 14 May 2018: FII Net Bought – 717.99 INR Crs:  DII Net Bought – INR – 687.23 Crs

Right now, all eyes are on Karnataka state assembly election. Market will definitely respond to this result in opening minutes itself. I am compiling this article when trend has yet to come live. Market has perhaps discounted the possibility of hung parliament. Well, I still have a view that at these levels of 10800 market has to respond possible negative outcome. Hence, I am not trading bullish for the day unless result comes with clear support for central government. Anything out from majority for BJP is a setback.

Technical sign is still bullish above 10800. Well, ignore all those and just watch the outcome of Karnataka State election. RSI looks on negative divergence.

For today’s trading session, market is likely to take soft and nervous opening. Anything below 10800, I suggest that market may go in SHOCK !!! mode. If market falls then first support is at 10710 and then straight at 10600 which have some meaning. Remember, market may respond as we were near to resistance at 10900 levels.

Avoid any kind of investment as market is still looking expensive.

Strategy for Nifty May future – I have no take for the day. If election outcome goes against BJP then market bound to fall. Fall may go as big as 10700 or it may hit 10600 sooner. Nifty was already near to resistance at 10900 levels. Reaction needs some excuse and election result is giving one such.

BANK NIFTY May future – It has a high 26565 and so I can count that 26600 has almost done. So reaction may be on the line. I am afraid that reaction looking to wild if Karnataka State assembly result goes against BJP. Be prepare, worse case target may be as worse as 26000. Whose knows if this can hit 25800 also.

14 May 2018: Nifty Elliott wave analysis: As long as it is above 10800, Nifty can be expected to take a move for 10903-10910.

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.

11 May 2018: Nifty Elliott wave analysis: Another attempt is expected for 10800. Can it cross above 10800?

You must read previous articles and watch the given chart carefully to understand this article completely.

Analysis 11 May 2018: -

On 10 May 2018: FII Net Sold – 364.88 INR Crs:  DII Net Bought – INR – 900.69 Crs

Well, it came near to 10800 and then it turned shy. I have already said that market may be in the range of 10700 to 10800. Today is going to be another day when it will try to challenge 10800 backed by stronger than expected global cues.

Technical charts are still favouring bulls but money has no great courage to break 10800 on higher side. It can be taken in another way too. Once it crosses above 10800 then it can register some quicker gain of 40-50-60 points.

For today’s trading session, market is likely to take another gap up opening. I strongly suggest watching market reaction at 10800 levels. If it can manages to stay above 10800 then trade long with limited stop loss. Do consider one strong thing that Nifty has just support at 10700 which may be too far. Intermediate support will be at 10740 after opening.

Avoid any kind of investment as market is still looking expensive.

Strategy for Nifty May future – For today trading one can expect opening around 10790 as SGX nifty is giving such cues. This gap up takes out first round of long opportunity. Now, keep watching 10800+ levels very carefully. If it can spend time above 10800 then one can trade long. One can use stop loss just below 10770 but buy only above 10800.

BANK NIFTY May future – it took support at 26000 levels after hitting resistance of 26200+. It going to take another attempt to take a test around 26400 levels. This may be impressive anytime. I am not betting much higher rise. Rise may be limited so one need to be very careful at higher levels.