Nifty trend prediction today 6th Feb 19
Nifty trend today was slightly bullish however the important point to keep in mind is that overall from a near term perspective Nifty trend continues to remain sideways within the trading range of 11000 on the higher side and 10600 on the downside. As we have predicted in our previous updates also till the time Nifty does not break either 10600 on the downside or 11000 on the higher side there is no point taking any directional trade on the nifty there will be days when Nifty will rally a few hundred points and everyone will talk about the breakout and some people will talk of targets of 12100 and there will be days when the Nifty falls by few hundred points and the bearish traders will talk about targets of 9000 so we will have both ends of the traders talking whenever such moves take place but when we see from an analytical picture and from a broad stock market perspective till the point the trading range is not taken out there is no point taking any directional trades what happens within the range is actually insignificant. So frankly it will be better to look other than the Nifty for the time being because the market is getting extremely narrow. We could see a repeat of last year where some select stocks could take the Nifty higher while the broader stock market and most of the portfolios give negative returns so that is possible however from a traders perspective we should avoid the Nifty for the time being and we will have to move to a stock specific trade till the time the range does not break.
Based on my Nifty trend analysis / Nifty prediction we could see a bit more higher levels from current levels but I would prefer some stock specific trades if we do get good entry points as Nifty even if breaks above 11000 does not look great to me in the near term there are some other stock trades which look better on the charts in the near term. There will be some stock specific opportunities and they should be looked at when those stocks come to specific levels but that does not mean that entire market is a buying opportunity. Some stocks may be entered purely for a trading perspective while others can be bought for longer term delivery if they meet our deep value criteria however keep in mind to be very nimble footed and not to get carried away as the markets could end up surprising in the near term.
Good Trading To You!