Nifty Today’s Trend, Prediction, View, Target 2nd Jan
Nifty today had low volumes through the day thanks to the holiday season going on. Nifty today’s trend in first half was sluggish but picked up and closed at the high point of the day, now that said nothing has changed from my analysis stand point. As per my trend analysis, view and prediction we do not see Nifty sustaining on the higher side (yes once again I am saying that a few more days of time pass and range bound movement is possible around the current levels) but I am not in the camp which thinks and is of the view that Nifty is heading much higher from current levels and hence our advice to clients is to book profits in longs if any and get out on cash rather be on as much cash as possible as we see deep value opportunities will be available once the downside begins, I am not saying that we will reach deep value tomorrow but all I am saying is that we will have good deep value available over the next few weeks and at that point in time buying deep value will make good money from an investors perspective but doing that our advise to our clients as of now is to book profits in longs in portfolios and get on as much cash as possible for the time being when and in what to deploy and what are the counters where deep value is present that we will see and discuss later. As per my trend analysis, view and prediction we see lower targets for Nifty in the coming time and we do not see Nifty sustaining on the higher side. Nifty has strong resistance around the 11000 area give or take a few hundred points so as we have explained in our previous updates that more or less everything is currently in the price and all good news is discounted and to add to that from a technical analysis stand point upside is limited.
Bank Nifty also from a technical analysis stand point there are good resistances around current prices sure a bit more higher levels can be seen I am not disputing that but overall I don’t see upside sustaining in Bank Nifty or the banking stocks per say be it public sector stocks or private sector counters more or less all the good news is in the price and there are good resistances around the current levels so be very careful here as the charts are suggesting that Bank Nifty could lead the down move from here on and could lead the fall.
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.
Good Trading To You!