Nifty Today’s Trend, Prediction, View, Target 11th June 18
Nifty today opened lower but later during the day there was good recovery along expected lines. As per our analysis, view, prediction Nifty trend currently will keep giving pullbacks for few more days and remain choppy but as we have been advising that it will eventually end up making lower top below 10930, so as per our analysis Nifty made a primary top at 11171 and then made a lower top at 10930 on 15th of May as per our prediction and now will make another lower top around our predicted area.
There are many traders and analysts who are of the view or prediction that Nifty will come back towards 11,000 to make a double top but we do not concur with this view simply because there are too many technical resistance points and technical factors that do not suggest that Nifty will move much further.
In the coming week we expect the final lower top to be made and sharp reversal is expected for lower side targets so please be very alert, if you get stuck in longs then there will be a lot of problem if you feel you are stuck don’t hesitate to cut your losses and you can easily recover them by being on the short side but keep in mind that you must sell around resistance areas as short selling at any level will not give you money easily hence selling at resistance areas or low risk entry points should be done.
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 keep your risk in check at all times. We will not be surprised to see the fall to be very similar to the Feb fall or may be even faster than that hence we are suggesting caution and not to get carried away by all the euphoria that’s being played out.
INR as we had predicted has moved within the specified ranges for this week and now after some minor volatility early next week we expect INR to start moving towards the area of 72. Crude Oil Futures also has more or less done with its corrective just like INR we could see a bit more volatility in crude oil futures and then we expect crude oil futures to move towards 82$/ barrel area in Nymex and that could really start hurting the Indian economy. Valuations are more or less back to the area where they were in end of Jan 2018 and also remains a major concern for us.
Bottom line The lower top will be formed shortly and traders are advised to be exit trading longs on any rise towards resistance areas.
Part of what we did yesterday
[6/7, 1:30 PM] Glen Drago: stbt sell Nifty 1 part @ cmp
[6/7, 1:30 PM] Glen Drago: confirmation stbt 1 part active
[6/7, 1:30 PM] Glen Drago: if comes higher will sell 2nd part stbt
[6/7, 1:30 PM] Glen Drago: hold positional shorts as told
[6/7, 1:33 PM] Glen Drago: shanti karke hold karo
[6/7, 1:34 PM] Glen Drago: Nifty is making top and will fall sharply towards lower levels as guided
[6/7, 2:48 PM] Glen Drago: If anything else has to be done will update
Good Trading To You!