Nifty Today’s Trend, Prediction, View, Target 20th Nov
Nifty trend today was bullish in line with my prediction, view and now is heading towards my target of 10800-11050. Regular readers of this website are well aware that we have been bullish on the Nifty, Bank Nifty for the past few weeks and we have been recommending to buy Nifty, Bank Nifty as well as stocks which have deep value. So let us now look at the overall picture once again.
From a time cycle perspective we are now in an important zone. Mercury has turned retrograde on Friday while venus has turned direct and mars has changed house and after this event Nifty today has had a gap up and has sustained the move so although looking at the overall picture I am not bearish (not suggesting that pullbacks cant come, sure they can come but trend remains up for the time being) so although I am not bearish but a lot of the deep value that was present few days back has been bought into for e.g. we initiated PFC at 73 and now today is at 103 so that’s higher by 41% in just a few days so from a valuations stand point the deep value is no longer available in PFC so in a nutshell a lot of the deep value that was present just a few days back has now been bought into and there is more or less mean value in most of the stocks so coming back to the point of time cycle there could be some volatility in the next few weeks taking place I don’t see large volatility but it will require the right strategy to trade in order to profit from the volatility that is about to come in.
Sentiment remains bearish and most traders want to sell the rise in the markets and no one has any major long positions so the janta is not interested to buy while the smart money and the big guns of the industry have been consistently buying high quality names and deep value stocks.
On the currency front USDINR has moved perfectly in line my prediction, view and is now heading for my second target of 71. We have been predicting target of 72-71 since 74+ and now that this target is about to be done it will be very interesting to see what the rupee does in the days to come.
Good Trading To You!