Nifty Prediction Don’t see Nifty sustaining below 11000 spot levels. Buy high quality stocks in panic and hold for higher targets.
Nifty as predicted more or less held 11000 spot levels on a closing basis today however there was intraday panic in the morning today and that could take place for one more day on 9th March because astro cycle is still in negative zone for one more day after which we see stable market conditions and astro cycle will keep getting better after 9th March but to make money it will be prudent to buy into the panic and importantly buy high quality names which are in clear up trend so watch out for stocks like Divis labs or Pidilit Ind or even some high quality stocks which have been beaten down like HDFC Bank. The point is in panic buy high quality for delivery or buy high quality stocks in panic for trading at appropriate levels or support zones.
Nifty technically still looks very oversold. The important point is when we look at the larger picture is we see historically such over sold levels have always created major bottoms also when we add astro cycles in perspective Mercury retrograde periods have always been known for false break downs and most importantly a 50 week cycle is due so when we combine short term cycles we see that a major bottom is being formed, now the rally that starts from here may end up as a double top near 12400 or 11900 but that is not the point where we go the point is from current scenario the risk reward is significantly favouring buying in delivery (yes buying high quality is the key) also buying trading positions into panic will give good returns.
Part of what we did today
[8:32 AM, 3/6/2020] Glenn: Good morning
[8:34 AM, 3/6/2020] Glenn: Buy delivery in Divis labs, Pidilit Ind, Maharashtra Scooters, HDFC bank, ICICI Bank, Tata chem, Tata motors, kuantum paper. We see good returns in these stocks in the coming few months.
[8:36 AM, 3/6/2020] Glenn: Overall my view is we don’t see downside sustaining below 11000 spot Nifty level and though there could be volatility for 1 more day post 9th March we see upside cycle to start.
[8:44 AM, 3/6/2020] Glenn: Important thing is not to panic here but look to buy into the panic. Combined picture of charts and astro don’t suggest nifty will sustain lower at the same time upside gates remain open.
[8:48 AM, 3/6/2020] Glenn: Trading Call HDFC BANK Buy between 1108-1080 SL 1060 target 1170 better still will be if you can buy it in delivery
[8:49 AM, 3/6/2020] Glenn: Trading call Siemens buy between 1264-1225 SL 1210 TGT 1320
[8:50 AM, 3/6/2020] Glenn: Siemens will be better if can buy in delivery
[9:19 AM, 3/6/2020] Glenn: Hold divis 1 part long wait for msg to add 2nd part
[9:21 AM, 3/6/2020] Glenn: Hdfc bank book 50 percent profit at 1130 for buying done at 1108-1080 area. Nse spot rates mentioned
[9:28 AM, 3/6/2020] Glenn: Confirmation HDFC bank booked 50 percent
[9:29 AM, 3/6/2020] Glenn: Hold remaining qty with trail to cost in hdfc bank
[9:29 AM, 3/6/2020] Glenn: Divis Lab hold 1 Part long wait for msg to add 2nd part
[9:30 AM, 3/6/2020] Glenn: Will keep Updating as and when anything needs to be done
[9:49 AM, 3/6/2020] Glenn: Silver has resistance at 17.61-18.22 from this area can see next round of down move. If you are holding any longs in silver book here and buy in panic at lower levels. From near term perspective we dont see silver moving much higher though longer term we remain very bullish on silver
[9:52 AM, 3/6/2020] Glenn: Gold unless close above 1695 on weekly basis we don’t see near term upside in gold
[9:54 AM, 3/6/2020] Glenn: S & P 500 we don’t see going below 2853 and we see 3360 as target for s & p now
[11:04 AM, 3/6/2020] Glenn: One more day of volatility can be there but buy delivery aggressively
[12:09 PM, 3/6/2020] Glenn: Hold positions as told
[12:09 PM, 3/6/2020] Glenn: Will update as and when anything needs to be done
[12:12 PM, 3/6/2020] Glenn: Reiterate I don’t see downside sustaining.
[2:42 PM, 3/6/2020] Glenn: Divis hold 1 Part long as told
[2:42 PM, 3/6/2020] Glenn: Nifty Hold 1 Part 11100 Put short as told
[2:42 PM, 3/6/2020] Glenn: Hdfc bank hold remaining 50 percent long qty as told
[2:43 PM, 3/6/2020] Glenn: Minor volatility can still be there till Monday post that we see upside cycle starting
[2:45 PM, 3/6/2020] Glenn: As we have said upside cycle targets can be 11900 to 12400. Great time to buy delivery in high quality stocks and hold for next few months. At around 12400-12200 area those who got out of equities can now buy and hold long positions in the market. Buying front line mfs will also do well.
[2:45 PM, 3/6/2020] Glenn: As we have said volatility can be there but we don’t see lower side sustaining.
Good trading to you!