Nifty Futures Technical Analysis outlook, View, Prediction, Target, Resistance and Support levels
Nifty Futures today moved perfectly along expected lines. Initially in the morning Nifty zoomed higher towards the level of 10930 spot Nifty level mentioned and then after 11.30 Am as we had predicted started one sided trending move lower after it became clear that BJP although is the single largest party it will not be able to form Govt in Karnataka on its own and hence started falling and in between all of this Congress reached out to the JDU and gave them an offer to form Govt so as a result of all this political developments Nifty Futures ended the day flat in sharp contrast to what was being assumed by most of the market participant early during the day. As per our analysis, view, prediction we had clearly mentioned in our yesterday’s update stating that regardless of the election outcome Nifty Futures / Indian stock markets will now start moving the goal post to other problems and will now start taking note of the major headwinds that are currently being faced by the markets. So now the focus will move to the real issues that are being faced by the Indian economy like the USDINR which today almost has reached near the 68 levels the focus will also now shift to crude oil futures which has been holding steady around the 70$ per barrel mark or the Indian Bond yield which today touched 7.86 and will move past 8 percent as the Indian Govt has failed to raise money around the current yields so as we have been discussing over the past few weeks there have been many headwinds which the Indian stock market has not bothered about for the past few weeks as the only focus of the Indian markets / Nifty Futures was towards the elections and now that the event is out of the way we are of the view that the main trend now will resume lower and we will see much lower targets from now onwards give or take minor volatility in the next few days till the swearing in ceremony does not take place but overall we see that now the markets will start pricing in all the headwinds that have been present and increasing by the day.
From a purely astro cycle perspective we have updated that there are some massive changes taking place today and in the next 2 trading days and that these astrological signatures have been known historically to change the current market trend so be very alert and do not get into euphoria also if we take a look at the charts we see that there are massive divergences present both on the daily charts and on the weekly charts of Nifty spot chart and that shows that the current cycle is coming to an end. When we say the current cycle we mean and imply that the current pullback cycle that has started from 9952 levels and we are not of the view that Indian equities will keep moving higher now.
Good Trading To You!