Nifty Trend, Prediction, View, Target 1st June 18
Nifty zoomed higher today exactly in line with our estimates as we had guided in our weekly update on Sunday (enclosed below for reference). Nifty now is heading for another lower top and as per our analysis, prediction, view we see that the current trend is actually a pullback trend and is a corrective wave that is coming higher and as we have mentioned we do not see 10930 spot Nifty levels being crossed we may end up making lower top much before that also please keep that in mind. Nifty topped out on 15th May as predicted and started falling and in 5 trading days touched a target of 10419 and now from 10419 the pullback that has started has consumed over 5 trading days but the yet the top of 10930 is still intact. Those who understand even a bit of wave analysis can see that the current move is clearly in a-b-c format so we feel based on our analysis that the current trend is a pullback trend and nothing more than that. Further if we see some basic momentum indicators also the manner in which they are oving also confirms the nature of the move is a pullback. 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 keep your risk in check.
Good Trading To You!
Part of what we have guided over this week
5/27/18, 3:07 PM – Glen Drago: Sunday what’s app Update Since many of you have been calling me I am updating you about our oncoming strategy for this week. Nifty over the past 2 trading days has given a good and sharp pullback. As per our analysis this is a part of pullback and nothing more than that the part that has come over past 2 trading days is wave a of corrective has come, now in this week we will see wave b will be seen lower in this week and towards 4th june we expect wave c to end intraday around the 10—- area there could be some minor variations in this but I do not see any upside sustaining nor under any circumstances I see 10930 being taken out (as many analyst are predicting that markets are heading for new high I do not concur with that view) . During this coming week we could see some more higher side towards the end of this week or coming —— around 10—- area where this pullback will end (it could even end as early as Wednesday but can stretch to —- June) Over this trading week we could see some volatility with up and down moves but towards end of Wednesday or —- June intraday we could touch 10—– spot Nifty levels (wont sustain but there is a possibility of prices touching the 10725 spot Nifty levels) post that the next — months are expected to be one sided down move and we expect Nifty even to break —- levels and head even lower than the —- levels over the next 3-6 months we do not rule out levels as low as —- before or just around diwali so there is much more downside coming to come in this wave itself. During this fall we will keep seeing regular pullbacks but all the pullbacks will keep making lower tops and bottoms. So in this week we could do some trade in and out in order to take our average costing higher for positional shorts which as of now is around 10650 levels. We could also take some stbt trades or some tactical hedges are also possible so please follow messages properly during live market as and when we keep guiding. Crude oil has given a sharp pullback yesterday but that is a part of wave 4-a that’s taking place and though there could be some volatility in crude eventually it will end up making another higher bottom and then move higher. From an Indian stock market perspective we do not see much change because the under recoveries are just filled and what our sources from various OMC’s tell us that there will not be much downward revision in petroleum product prices for now because they will be adjusting for the losses they have incurred for the past 45 days when crude was rising but there was no hikes that were passed to consumers so inflation will not be coming down and the RBI policy on 6th June will make a note of that and could even initiate a rate hike which could be the cited as a reason for the start of the massive fall .5/28/18, 3:20 PM – Glen Drago: the expected Nifty move for this week CMP-10730>> 10600-10530>>>10???-10??? (Intraday) So we are expecting prices of 10??? to be around the — June period and from there we will begin wave down which should take Nifty in first round towards — spot Nifty levels mentioned.