Nifty trend prediction today 24-1-19
Nifty trend today was bearish in line with the main trend which is lower. For most part of the day Nifty was trading with low volumes in a small intraday trading range however the second half the was a sudden sharp decline seen and that lead Nifty to close lower by around 98 points for the day. Based on my analysis / Nifty Prediction Nifty longer term trend remains down however short term trend is still sideways and as of now we do not have confirmation that the main trend which is down has resumed. We say this because Nifty has had these 1-2 days sharp moves in either direction and then counter-trend moves have taken place within the broad trading range of 10950-10650 and now that trading range is even more compressed between 10680 on the downside and 11000 area on the upside. Please keep in mind that we have mentioned spot Nifty levels and not Jan Futures levels. So although based on my Nifty Prediction / Nifty trend analysis we see Nifty moving lower over the longer term in the very near term till volumes do not start picking up and we get out the narrow trading till that time it will be prudent to be very nimble footed. From an investors perspective, we do not recommend or advise holding much of your portfolio or we do not recommend or advise fresh buying into most of the market until and unless some specific stock has reached a deep value level. I am saying this because as of now there are many divergent things going on in the market there are a few select stocks that are in deep value zone or may be few stocks will get into deep value zone if they fall some more from current levels however most of the Indian share market is not still cheap and the fall in the front line indices could start a sharp correction in stocks which are not in deep value area and hence your portfolio will take a sharp hit or your SIP’s will give a negative return if that happens. So in a nut shell Nifty prediction is that longer-term trend is down and although based on some news flow over the next few days there could be some minor upside however for most of the broader market and the indices we will see lower levels in the coming time. 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 always keep your risk in check. We could take a few stock specific trades which fit our low risk high reward high probability strategy could be on either side so if you are only taking trade based on this post or my Nifty Trend analysis / Nifty Prediction then please manage your own risk.
Good Trading To You!