Nifty Today’s Trend, Prediction, View, Target 25th Sep
Nifty Futures today had another down day in line with the overall trend. There are now many traders who are totally stuck in long positions and have lost more money in the last 1-2 weeks than they have made in the past 6 months. This sums up the overall trading sheet of the street traders and even many informed traders. Anyways the bottom line is that Nifty did have another sharp down day and as of now most traders are stuck in longs and there are lot of weak hands which were forced to square up today (yes even those traders who had averaged during Fridays trade were forced out by the rms of many brokers today).
Let us look at the overall picture now carefully from a technical analysis perspective. Nifty trend is down but is nearing short term oversold area. It is not only this but there are some important support zones which are in close proximity now. This is not the only support area close by there are also other support zones around the area which we will not get into as of now but overall looking at the situation there are significant support zones nearby and Nifty in the near term is nearing oversold zone so combining these two factors is indicating that there is a bounce back that could be seen from the support zone and hence if traders are short as of now should use a trailing stop loss for their respective shorts and at the same time those traders who are stuck in longs could look at average their longs at appropriate levels with appropriate stop loss in place so that on any bounce which the support area will provide traders who are trapped in net long positions can look to exit their positions at minimal losses on bounce back towards upper retracement targets.
Nifty near term trend is down as per our analysis our view and prediction is to book profits in shorts and wait for appropriate levels or retracement on the upper side for the time being. Nifty has touched and achieved our first lower target now we should wait and watch for the next move.
Good Trading To You!