Nifty prediction 16th Aug 19

Nifty prediction 16th Aug 19

Nifty moved perfectly in line with our prediction today. Yesterday we had clearly mentioned that even though the trend is lower we do not see any sense or merit in short selling at lower levels and our prediction turned out to be perfect.

Now, overall the trend in the near term remains down however, there are some good support areas on the lower side and hence on dips or in panic it will be prudent to be on the buying side around appropriate support areas however keep in mind that since the trend is still down we do not suggest to buy and hold and it will be prudent to keep booking profits at regular intervals.

Part of what we did yesterday

[13/08, 9:13 AM] Glen: Good morning

[13/08, 9:13 AM] Glen: No open positions

[13/08, 1:20 PM] Glen: As and when we have to do anything will update

[13/08, 3:06 PM] Glen: Nifty buy 1 part

[13/08, 3:08 PM] Glen: Option Only Trade Nifty Sell 10800 Put 1 Part.

So we did buy yesterday and did book profits at higher side today and that is the strategy we will adopt in the near term so though the trend is down we see good support areas on the lower side and around those levels buying should be done as we eventually see a retracement rally of the entire fall from 12100 so we should see some decent bounce back from lower levels.

From an investors perspective, we do not see much sense in buying now sure there are some select names but broadly there is still some time to go before on can buy and hold for investments.

Nifty Prediction Near term downside is limited and a retracement of the entire fall which started from 12100 levels is on the cards but there could be some more minor downside before retracement rally begins.

Good trading to you!