Nifty Today’s Trend, Prediction, View, Target 23rd Sep
Nifty Futures had a wild day today. Not many traders would especially traders who were on the long side would not like to remember Friday because the sudden volatility and stock specific damage that the counters took was incredible to say the least.
Anyways just to sum it up the charts of DHFL and Yes Bank and some of the other companies do not look good, they have not been looking good for sometime now but after Friday they look even more horrible. Please keep in mind that I am not suggesting for one minute that bounce backs will not come in these stocks sure at some stage and point in time bounce backs will keep coming from time to time and even though some of the companies held conference calls with investors and clarified their respective position on the IL&FS loans etc to my mind and analysis I always have seen that there is no smoke without fire so I don’t know what is wrong in these companies or what the management is trying to hide and conceal from the general public and investors at large but on the face of it there does seem some problem in these companies and what happened on Friday was just a reaction to some of the problems again I am saying I do not know exactly what’s problem but there is some problem rather there are some massive problems which need to be addressed and till the time management does not come clean I do not think bottom fishing in them as far as investments go is a good thing to do. To sum it up what the management of these companies have done is to show you a bikini they have told and shown everything yet covered the important parts.
Nifty trend remains down. Our prediction, view remains to use bounce backs to sell on bounce backs and pullbacks and rallies for the time being but keep booking profits at regular intervals for lower targets but at the same time keep in mind that there could be sharp counter trend pullbacks so do watch out for them. The levels around —– are very important and if those levels are held the we could see Nifty moving towards targets of —– before the next leg of the move. We have major time cycle zones coinciding with those levels so be very nimble footed.
Good Trading To You!