Nifty Today’s Trend, Prediction, View, Target 15th Nov
Nifty trend today was sideways rather the trend for the past few trading days has been sideways between 10450-10620 broadly with minor intraday variations which is perfectly in line with my analysis, prediction and view. My outlook for the Nifty Futures remains sideways till we do not take 10620 out decisively but my prediction , view for the overall Indian stock market remains bullish so from a stock specific standpoint we remain very bullish in some names and little bullish in most names.
Now, many of you have been calling me and telling me that look global stock markets are falling like nine pins and telling me that the Indian stock market / Nifty / Bank Nifty will also follow suit very soon but to that my personal take is like this let us rewind a few months back and see what happened Brent Crude Oil was rising very sharply and Indian stock markets made a top around 11760 spot and started falling in isolation well before all the global stock markets started falling. Our Stock Markets / Nifty Futures and Bank Nifty Futures were underperforming Global stock markets and falling in isolation purely on account of Crude oil rising and falling rupee at that point in time, then came Oct 4th when most of the correlated markets like S&P 500 topped and started falling and that added downward pressure for Nifty and our Indian stock markets and Nifty Futures also continued its fall or rather accelerated its fall. Now the exact inverse situation is present. Crude Oil has topped and started falling or rather has already fallen 25% from its peak price (we did tell you at 86 that top is done, that too publically) in just a matter of days, the Indian rupee which was amongst one of the worst performing currencies is now moving perfectly opposite to that and is now one of the best performing Asian currencies over the past few days and now hit our first target of 72 (again we had openly mentioned that at 74+ this is a clear sell for target of 72) and these two factors are acting as a tail wind for the Nifty, Bank Nifty and the Indian stock markets which is in line with my prediction, view.
Now like the world stock markets are falling into a time cycle support zone so we expect these world stock markets to reverse and like on 4th Oct world stock market topped and started added pressure on the Indian markets similarly in the next few days world stock markets will bottom and provide the tail wind for the Indian markets to move higher. Exact entry and trading is a different ball game but overall this is my prediction, view and we expect higher targets of 10850-11000 once resistance area of 10620 is crossed. . 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 always keep your risk in check. Just a point on broad sentiment based on our reading post 19th Nov we should start seeing some of the fund managers who had turned cautious turn back bullish again.
Good Trading To You!