Nifty is in consolidation mode from the high of 10930 made on 15 May'18. Clearly a correction wave is happening and most probably it is likely a triangular correction of Wave 2.
So we are looking for a 10600 in next week in abc mode and then a reversal from there. And the confirmation will come when Nifty gaps up above the resistance of 10800 after it touches the low 10600.
Another Point :- 10600 PE - Open Interest - Is Maximum - currently at 51 Lakh Contracts ( Options ) for July Series -- So less chances that Nifty going below 10600 and closing below that level.
Looking at World Markets :- Most Markets have got a decent correction whereas Nifty is Consolidating in a range. The DAX & Nikkei are showing a sign of reversal from the said correction. Nikkei, DAX & Nifty are mostly moving in tandem so we are hoping that the bounce is in sight. A bit of negative news is also affecting the world markets like high Oil Prices & Trade Wars. And the negative news mostly tend to move the markets on upside rather than on downside.
Nifty is still in Wave 5 of which Wave 1-2 correction is underway and we are expecting the start of wave 3 within a week.
And our Final Bias Stock :- YesBank is showing the signs of breakout and it always moves ahead of Nifty. So will this time be any different or will history repeat itself.
So we are looking for a 10600 in next week in abc mode and then a reversal from there. And the confirmation will come when Nifty gaps up above the resistance of 10800 after it touches the low 10600.
Another Point :- 10600 PE - Open Interest - Is Maximum - currently at 51 Lakh Contracts ( Options ) for July Series -- So less chances that Nifty going below 10600 and closing below that level.
Looking at World Markets :- Most Markets have got a decent correction whereas Nifty is Consolidating in a range. The DAX & Nikkei are showing a sign of reversal from the said correction. Nikkei, DAX & Nifty are mostly moving in tandem so we are hoping that the bounce is in sight. A bit of negative news is also affecting the world markets like high Oil Prices & Trade Wars. And the negative news mostly tend to move the markets on upside rather than on downside.
Nifty is still in Wave 5 of which Wave 1-2 correction is underway and we are expecting the start of wave 3 within a week.
And our Final Bias Stock :- YesBank is showing the signs of breakout and it always moves ahead of Nifty. So will this time be any different or will history repeat itself.
Trade active:
Nifty Started the day on a gapup and ended almost at day's high. For tomorrow close above 10893 on closing basis would mean - start of wave 3 otherwise if Nifty breaks 10800 it would be following the abc correction pattern.
On OI Contract - Not much on both sides - Bears are Holding out for the moment.
Keep an eye on BankNifty - HDFCBANK, KotakMahindra Bank & Yes Bank -- Closing Above 27000 on closing basis -- Go Long on BN for 1000 points in week/fortnight !!
Kindly Don't Short Markets for any moment instead go long on any dips !!
On OI Contract - Not much on both sides - Bears are Holding out for the moment.
Keep an eye on BankNifty - HDFCBANK, KotakMahindra Bank & Yes Bank -- Closing Above 27000 on closing basis -- Go Long on BN for 1000 points in week/fortnight !!
Kindly Don't Short Markets for any moment instead go long on any dips !!
