Nifty Today’s Trend, Prediction, View, Target 14th Sep
Nifty trend today was choppy and moved in line with our prediction, view. Yesterday we had clearly mentioned that though the Nifty trend is down on higher time frames we could see a pullback and hence it will be prudent to book profits at appropriate levels. Nifty had a support area between 11300-11240 spot Nifty levels and perfectly bounced from that area. Please keep in mind that we are not suggesting for one minute to go long for the time being but selling at appropriate resistance areas and booking profits at regular intervals and trading in and out will be a good strategy for the time being. We were expecting this pullback and hence yesterday we had booked 50% of our Nifty Futures shorts and 50% of our Bank Nifty Futures short positions. You may refer the chat transcript given yesterday. As per our analysis Nifty trend remains down. Our view, prediction is that selling Nifty towards resistance areas will be a good trade but at the same time booking regular profits at lower targets and being nimble footed will make much better trading sense than just trading selling and holding for the time being. Once the current leg of the choppy moves are done then we could look to change the near term strategy but for the next few days choppy movement is expected so trade in and out will be better strategy as per our view, prediction.
INR had a sharp pullback today after almost touching 73 during intraday trade. RBI has been instructed to intervene sharply but we do not think that RBI will be able to hold the rupee for much time around 73 the near term support as per our analysis remains around 75 and we see some meaningful pullback from that area. Till the area of 75 is not reached we do not expect any major support for the rupee and we do not think that any amount of intervention will help the rupee in the near term.
Good Trading To You!