Nifty Trend, Prediction, View, Target 25th May 18

Nifty Trend, Prediction, View, Target 25th May 18

Nifty Futures today closed in the green but there was intraday volatility along expected lines and we did take intraday trading shorts to capitalize on the volatility but overall we continue to remain in positional shorts as we see the current move as another counter-trend pullback and nothing more than that.  As per our analysis, view, prediction Nifty short term trend and longer term trend remains down, we expect much lower targets and all these moves are nothing but just simple pullbacks which will keep coming from time to time from minor support zones but important point is to use these pullbacks as and whenever they come to exit from exiting longs and use the strategy of sell on rise towards important resistance points however what we gather from various sentiment indicators and open interest data is that most market participants are extremely bullish even now and most of the traders are expecting that the correction that started on 15th May 2018 is done and the talk is that once again Nifty Futures is heading for new high. Once again we are advising that as per our analysis and view this is not the right strategy to be followed and we are not in the camp which feels that Nifty is heading for higher side targets but at the same time we are not denying that pullbacks cant come surely they will keep coming from time to time. Nifty near-term resistance is around 10600 area and support is at 10400 area we do not expect the 10400 spot Nifty level to hold for long but as we were expecting minor pullback has come from that area. Now, till what levels we are expecting this pullback and where to sell more aggressively and subsequent targets for the down cycle that we will keep updating our clients. As usual, if you are trading only 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 management in place before trading.

Part of what we did today

5/24/18, 9:08 AM – Glen Drago: Gm

5/24/18, 9:08 AM – Glen Drago: Hold positions as told

5/24/18, 10:14 AM – Glen Drago: If we have to sell stbt will update

5/24/18, 10:15 AM – Glen Drago: As of now just hold positional shorts as told

5/24/18, 10:15 AM – Glen Drago: Don’t see any upside sustaining but minor pullbacks will keep coming

5/24/18, 10:15 AM – Glen Drago: Usdinr we are heading for 72 plus now and eventually 82 also

5/24/18, 10:16 AM – Glen Drago: Crude oil heading for 5100 in mcx near term and longer term 6000

5/24/18, 10:16 AM – Glen Drago: By longer term meaning end of this year

5/24/18, 10:16 AM – Glen Drago: Petrol diesel prices still have under recovery of 1.20 ps per liter

5/24/18, 1:21 PM – Glen Drago: Stbt 1 part sell at cmp

5/24/18, 1:21 PM – Glen Drago: Confirmation stbt 1 part sold

5/24/18, 1:21 PM – Glen Drago: 2nd part will tell whenever we have to sell

5/24/18, 1:22 PM – Glen Drago: Nifty Hold 4 parts Shorts as told and Bank Nifty Hold 2 parts shorts as told

5/24/18, 1:22 PM – Glen Drago: Will keep updating if anything has to be done

5/24/18, 1:29 PM – Glen Drago: USDINR Update. As we have been guiding we expect USDINR to move higher towards the range of 72 after minor consolidation around the 69-68.50 area purely because of RBI intervention which has been aggressive over the past 2 trading days but we do not think looking at the overall charts that any intervention will make much of a difference. Keep in mind that 72 is only a near-term target for  USDINR and eventually  we will see 82 also on the usdinr pair

5/24/18, 1:29 PM – Glen Drago: Nifty Hold 4 Parts positional shorts as told, Bank Nifty Hold 2 Parts positional shorts as told

5/24/18, 1:30 PM – Glen Drago: STBT Trade Hold1 Part short as told

5/24/18, 1:30 PM – Glen Drago: as and when anything has to be done will update

5/24/18, 2:05 PM – Glen Drago: Stbt trade book profit for sell done today at 10506 spot levels and continue holding positional shorts 4 parts Nifty and 2 parts bank nifty positional shorts as told. If anything else has to be done will keep updating

5/24/18, 2:05 PM – Glen Drago: Confirmation stbt trade booked

5/24/18, 2:05 PM – Glen Drago: Continue holding Nifty positional shorts 4 parts and Bank Nifty positional shorts 2 parts as told

5/24/18, 3:26 PM – Glen Drago: Hold positional shorts as told

5/24/18, 3:26 PM – Glen Drago: if anything else to do will update