Nifty Trend, Prediction, View, Target 30th May 18
Nifty today touched our resistance area of around 10725 spot Nifty levels and then cracked lower from there. As per our analysis, view, prediction we maintain that the main trend remains down and all moves that come on the higher side will remain counter trend pullbacks. Please keep in mind we are not suggesting that the pullback has ended yesterday and the pullback cant come a bit more higher sure it can come a bit more higher which is equally possible but the important question is will it sustain on the higher side and take out 11,000 the answer to that is no, we are not of the view that Nifty Futures will move higher towards new highs or will start a fresh bullish trend currently as many of the analyst and traders are expecting. They will be pullbacks but all these pullbacks will eventually end up making lower tops and when we would see larger time frame charts we would see that Nifty actually has been making classical textbook style lower tops and lower bottoms and when markets make lower tops and lower bottoms the strategy to be adopted is sell on rise towards resistances area or points and not the other way round of buying on dips.
INR also is within a corrective phase as we have guided and eventually we see the price of 72 in INR. From an astro cycle perspective, we are nearing important astrological time band and we will update more on the same to our clients for now which we will later provide that information in our chat transcripts. 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 place.
Good Trading To You!