Nifty Prediction 16th Sep 19
As predicted Nifty has moved towards higher levels and now is nearing our higher target zones mentioned in our previous update. There were many people traders who called me after the last update was posted and told me that Nifty will go below 10600 and I had openly told them that as of now Nifty will move higher and head towards 11100-11300 area once we are above 11100 or around 11200 we will review the situation so overall although longer term we are bearish we had mentioned that near term we see a retracement rally and we see prices coming higher so Nifty has moved perfectly in line with our prediction till now.
So now since we are around 11200 mark what do we see next?
Overall from a longer-term time frame we are predicting a further slowdown in the economy and consequently lower stock prices will be seen (but keep in mind that this is overall longer-term view) in the very near term we could see some more steam on the higher side but once this round of pullback is done we will resume the longer-term downtrend and hence it will be prudent to exit delivery longs on rise. Yes we are well aware that they are some great delivery buys available there but the larger point is that since economy will keep slowing down I am not expecting the broad market to rally much or provide much returns from a longer-term perspective. So from an investors perspective, we see no great buys although price correction has been severe so wait for an appropriate time to enter the broad markets.
From a traders perspective if you are long keep trailing stop loss and hold if assuming you are long and you feel that a fresh rally is going on, however, be very careful on the higher side as the reversal could be very quick to the downside.
Good trading to you!