Nifty trend prediction today 31-1-19

Nifty trend prediction today 31-1-19

Nifty trend today was all over the place perfectly in line with my Nifty prediction given a few days back. There are many traders who have been trying to take a directional trade some are trying to take a bullish trade based on the talk of budget coming up and some good measures being announced while there are some traders who are taking bearish directional trades based on the talk that Nifty is heading lower because of some fiscal deficit problems that could come up but as per my Nifty trend analysis / Nifty prediction we have been saying that Nifty still remains in the trading range and hence there is no point in taking any directional trade for the time being overall we remain within the trading range of 11000-10500 broadly speaking and till the time there is no clear breakout with heavy volumes we do not see any sense in trying to take any directional trades for the time being. Having said that you must keep in mind that overall the longer term trend remains down and on any rise investors must be getting on to cash as overall from a broad stock market perspective we do not see much upside (I am not suggesting for one minute that we cant see a bit more higher levels from current levels sure we can) but eventually because of the lack of earnings we do not see Nifty sustaining on the higher side and even from a pure trend analysis standpoint it is amply clear that eventually whatever the move takes place we will end up seeing a lower top the question is the lower top will be formed at 11300 or 11100 or the 11000 but eventually that will be formed. Baring a few stocks we do not see any earnings support for the broad Indian stock market and also we do not see that the broad stock market is near or at deep value sure there are a few select names where deep value is available that but we can not say this for the entire broad stock market and hence on any rise it will be prudent to either reduce equity longs and move to cash or switch to deep value stocks.

Good Trading To You!