Nifty trend prediction today 23-1-19
Nifty trend in the near term has been absolutely sideways trading broadly between the two range areas of 10650-10950. As we have mentioned in our previous update and regular readers of this website are well aware that based on my Nifty prediction longer term trend for Nifty is lower however near term trend for Nifty is sideways with a bullish bias. It is possible to see some more near term up trend by a few hundred points or slightly a bit more on the Nifty I am not disputing that possibility however longer term I do not see much upside from current levels nor do I see Nifty sustaining on the higher side. There are many reasons why I say that. Brent crude oil has made a near term bottom and now has moved back above 60 once again keep in mind that I do not see a bullish move in crude oil however the best of the tail wind for Indian share market is done from Brent crude oil. The same goes as far as the rupee is concerned. Around 74-75 we had clearly predicted that near term top is done and we should see around levels of 70 and that was done and now once again we see rupee moving lower and breaching 75 levels eventually. I am not suggesting that this will happen tomorrow or over the next 1 week but eventually rupee will break 75 and that will also be a head wind for the Indian share markets. In addition to these factors we see bond yields also moving higher and in a few days everyone will start talking about the fiscal slippages also. All these news flow combined with the fact that there are general elections coming up in the next few months and the election is wide open does not argue well for risk on assets like equities. We will discuss more of this in the coming updates. As usual if you are only trading on the basis of this post please use your own risk management and then only trade, please do not over trade and please always keep your risk in check. We take trades any time now and may not wait for a bit higher levels also so we will update our clients as to what has to be done and what to trade based on my Nifty trend and Nifty prediction in real time. We will update more details in our coming post and updates.
Good Trading To You!