Nifty Prediction 9th April 20

As predicted Nifty touched 9000+ levels before Friday and we booked profits in trading longs. Reiterate see higher levels but buy high quality trade set ups.

Nifty once again moved higher today perfectly in line with our prediction and moved higher than 9000 levels as we were expecting. So today morning we booked profits in our trading longs in reliance and Nifty 8000 Put shorts. See chat transcript given below for details. Going forward we remain bullish but buying must only be done at appropriate support zones and avoid chasing prices.

Part of what we did today

[8:59 AM, 4/8/2020] Glenn: Good morning
[8:59 AM, 4/8/2020] Glenn: Nifty 30 April 8000 Put short 1 part hold as told
[9:00 AM, 4/8/2020] Glenn: Reliance hold remaining 50 percent long qty as told
[9:00 AM, 4/8/2020] Glenn: Bandhan add 2nd part at 162 spot levels mentioned
[9:00 AM, 4/8/2020] Glenn: Reiterate overall we see current move heading for —- area but buying we will do on pullbacks only as pullbacks will keep coming from time to time
[9:45 AM, 4/8/2020] Glenn: Gold don’t see sustaining above 1690
[9:45 AM, 4/8/2020] Glenn: Silver also not bullish as of now
[9:47 AM, 4/8/2020] Glenn: Last week we predicted Nifty will touch 9000 by Friday and that has more or less come. Overall there could be some consolidation next week but overall trend will remain up till 3rd week of may which we see Nifty touching 10600 area
[9:48 AM, 4/8/2020] Glenn: We will lighten trading positions on rise and on consolidation we will renter longs
[10:30 AM, 4/8/2020] Glenn: Reliance book profit at cmp
[10:30 AM, 4/8/2020] Glenn: Nifty put book profit at cmp
[10:33 AM, 4/8/2020] Glenn: Bandhan hold for now
[10:33 AM, 4/8/2020] Glenn: Booking profit in long Does not mean short sell
[10:34 AM, 4/8/2020] Glenn: Wait on sidelines
[10:37 AM, 4/8/2020] Glenn: Don’t chase price now
[10:37 AM, 4/8/2020] Glenn: Wait on sidelines
[10:37 AM, 4/8/2020] Glenn: On dips we will buy again
[10:37 AM, 4/8/2020] Glenn: This is exactly what we were seeing on Friday and hence we were telling to buy aggressively
[10:38 AM, 4/8/2020] Glenn: Now please don’t chase prices wait on sidelines
[10:40 AM, 4/8/2020] Glenn: Delivery hold positions as told
[11:59 AM, 4/8/2020] Glenn: Torrent Pharma Buy between 2364-2350 SL 2261 TGT 2721
[12:50 PM, 4/8/2020] Glenn: As and when anything needs to be done will update
[1:40 PM, 4/8/2020] Glenn: Once consolidation ends we will renter
[1:41 PM, 4/8/2020] Glenn: Reiterate we see —- in next round
[1:42 PM, 4/8/2020] Glenn: Overall we see —– by 3rd week of may keep that in mind. Pullbacks will keep coming from time to time but overall prices will keep moving higher towards — and then —- but buying must only be done on dips.

As usual if you are only trading on the basis of this post please use your own risk management and then only trading please do not over trade and always keep your risk in check.

Good trading to you!