Nifty Today’s Trend, Prediction, View, Target 11th Sep

Nifty Today’s Trend, Prediction, View, Target 11th Sep

Nifty did see some sharp fall today so the pullback of past 2 days which started from 11393 and extended till 11603 is now done and once again markets are moving lower and heading for lower targets. The speed of the fall on the downside is decent as of now but for the time being and the coming few trading days we expect the markets to be with a downward bias but keep in mind that pullbacks will keep coming from time to time and we are not suggesting to sell anywhere and anyhow so selling at appropriate resistance areas will be a good trade for the time being but at the same time please keep in mind not to get carried away by the fall and keep taking profits at appropriate levels. Sell and hold will only work if you enter at the right levels and even if that is done it will be prudent to keep taking regular profits because some sort of choppy movements could come in the next few trading days. Nifty trend is down. Our prediction, view is sell on bounce back towards resistance for lower targets but keep booking profits around support zones.

Overall the INR has been depreciating and many are assigning the current fall in the Nifty and broader stock markets to fall in the rupee but keep in mind that rupee has been falling now for a long time and has fallen all the way from 63 to almost 73 today but we do not see that the fall will end here as we have written we have lowered our INR target and we expect levels of 82 eventually in the next few days RBI and Govt will start heavily intervening with the rupee and that could control the fall for sometime or may be  it just will end up lowering the downside pressure on the rupee but due to the massive problems in the economy we see that INR will continue to depreciate well beyond these levels also levels around 74.5-75.30 spot would be ear term supports where we see INR holding out for the short term but eventually due to major issues like fiscal deficit, Current account deficit and other issues like slowing economy we do not see INR holding these levels.

Good Trading To You!

Part of what we did

9/6/18, 9:41 AM – Glen Drago: Good morning

9/6/18, 9:41 AM – Glen Drago: Hold positions as told

9/6/18, 9:41 AM – Glen Drago: Will update as and when anything needs to be done

9/6/18, 10:15 AM – Glen Drago: Nifty expected to consolidate between 11610-11370 for next 2-3 days post this consolidation we expect next round of downside which will take place.

9/6/18, 12:47 PM – Glen Drago: Bank Nifty exit at cmp

9/6/18, 12:47 PM – Glen Drago: Confirmation bank Nifty exited at cmp

9/6/18, 12:47 PM – Glen Drago: Wait for bounce in bank Nifty to sell again

9/6/18, 12:48 PM – Glen Drago: Nifty exit 3rd part at CMP

9/6/18, 12:48 PM – Glen Drago: Confirmation Nifty 3rd part exited at cmp

9/6/18, 12:49 PM – Glen Drago: We could see minor bounce again on that bounce we will renter shorts in Bank Nifty and Nifty we will add 3rd and 4th part

9/6/18, 12:49 PM – Glen Drago: If anything else is needed to be done will update

9/6/18, 2:40 PM – Glen Drago: Nifty sell 3rf part at 11560 spot

9/6/18, 2:40 PM – Glen Drago: Nifty sell 3rd part at 11560 spot

9/6/18, 2:56 PM – Glen Drago: Nifty sell 3rd part at cmp

9/6/18, 2:56 PM – Glen Drago: Confirmation Nifty 3rd part active

9/6/18, 2:56 PM – Glen Drago: Nifty hold 3 parts shorts as told

9/6/18, 2:56 PM – Glen Drago: Bank Nifty sell 1 part at cmp

9/6/18, 2:56 PM – Glen Drago: Confirmation Bank Nifty 1 part active

9/6/18, 2:58 PM – Glen Drago: Bank Nifty sell 2nd part at 27580 spot levels

9/6/18, 2:58 PM – Glen Drago: Nifty hold 3 parts shorts as told

9/6/18, 2:58 PM – Glen Drago: Bank Nifty hold 1 part short as told

9/6/18, 2:58 PM – Glen Drago: Will keep updating as and whenever anything has to be done

9/6/18, 3:03 PM – Glen Drago: Nifty sell 4th part at CMP

9/6/18, 3:03 PM – Glen Drago: Confirmation Nifty 4th part sold

9/6/18, 3:06 PM – Glen Drago: Bank Nifty sell 2 ND part at cmp

9/6/18, 3:06 PM – Glen Drago: Confirmation Bank Nifty 2nd part active

9/6/18, 3:06 PM – Glen Drago: Nifty hold 4 parts positional shorts

9/6/18, 3:07 PM – Glen Drago: Bank Nifty hold 2 parts positional shorts

9/7/18, 9:06 AM – Glen Drago: Good morning

9/7/18, 9:06 AM – Glen Drago: Bank Nifty hold 2 parts positional shorts

9/7/18, 9:06 AM – Glen Drago: Nifty hold 4 parts positional shorts

9/7/18, 9:06 AM – Glen Drago: If anything else is needed to be done will update

9/7/18, 10:41 AM – Glen Drago: Hold positional shorts as told. Nifty target () and Bank Nifty immediate target ()

9/7/18, 10:41 AM – Glen Drago: If anything else is needed to be done will update

9/7/18, 12:48 PM – Glen Drago: Nifty is consolidating perfectly as per our prediction and moving in line with our trend analysis. We expect lower side targets of () on Nifty and () on Bank Nifty once the consolidation is over.

9/7/18, 12:50 PM – Glen Drago: RBI has been intervening in the currency market since yesterday but we see this round of intervention also getting out of the way. With forex reserve falling fast we do not think that INR will hold around 72 for long. We reiterate our downside targets of 82 in next one year

9/7/18, 2:47 PM – Glen Drago: Hold positions as told

9/7/18, 2:47 PM – Glen Drago: Enjoy your weekend

9/7/18, 2:47 PM – Glen Drago: Will see you on Monday

9/10/18, 9:14 AM – Glen Drago: Good morning

9/10/18, 9:14 AM – Glen Drago: Hold positions as told

9/10/18, 10:20 AM – Glen Drago: Bank Nifty hold 2 parts positional shorts as told

9/10/18, 10:21 AM – Glen Drago: Nifty hold 4 parts positional shorts as told

9/10/18, 10:21 AM – Glen Drago: Will update if anything has to be done

9/10/18, 1:55 PM – Glen Drago: Hold positions as told

9/10/18, 1:55 PM – Glen Drago: If anything has to be done will update