#Nifty
For 10-05-2019
Support for Nifty comes at 11255-11227-11180
Resistance for Nifty comes at 11348-11382-11461
BankNifty
Support for BankNifty comes at 28784-28637-28500
Resistance for BankNifty comes at 29000-29242-29350
Nifty again went against my expectations. I was expecting a bounce after soft opening but bounce came from much lower levels. Nifty in this wave
which is supposed to turn after 161.8% extension , i.e. 11421 went up to 238.2% extension, i.e. 11244 and made a low of 11255. I am guessing a 3rd wave down is completed today, and now ready for 4th move up and targets of that could be 11382-11461-11525.
I know i was getting wrong from last 2 days, but that's the market and you have to go with your analysis. I am again betting for bounce to the levels of 11382-11461 in next 2-4 days.
However, if Nifty breaks the today's low of 11255 then another 70-150 points correction is possible. So keep your stop loss tight.
From my top 3 stocks for the day, only ICICI Bank perfromed as per the expectations and Reliance was the worst performer.
BankNifty was relatively less weak today. Now it need to move above 29000 to give another 200-300 points up move.Below today's lows BankNifty can
test 28500.
Disclosure: I do not hold any position in Nifty and BankNifty Futures.
For 10-05-2019
Support for Nifty comes at 11255-11227-11180
Resistance for Nifty comes at 11348-11382-11461
BankNifty
Support for BankNifty comes at 28784-28637-28500
Resistance for BankNifty comes at 29000-29242-29350
Nifty again went against my expectations. I was expecting a bounce after soft opening but bounce came from much lower levels. Nifty in this wave
which is supposed to turn after 161.8% extension , i.e. 11421 went up to 238.2% extension, i.e. 11244 and made a low of 11255. I am guessing a 3rd wave down is completed today, and now ready for 4th move up and targets of that could be 11382-11461-11525.
I know i was getting wrong from last 2 days, but that's the market and you have to go with your analysis. I am again betting for bounce to the levels of 11382-11461 in next 2-4 days.
However, if Nifty breaks the today's low of 11255 then another 70-150 points correction is possible. So keep your stop loss tight.
From my top 3 stocks for the day, only ICICI Bank perfromed as per the expectations and Reliance was the worst performer.
BankNifty was relatively less weak today. Now it need to move above 29000 to give another 200-300 points up move.Below today's lows BankNifty can
test 28500.
Disclosure: I do not hold any position in Nifty and BankNifty Futures.
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