Nifty Prediction for tomorrow 10th Aug 2021

Nifty Prediction for tomorrow 10th Aug 2021 Nifty trend remains up Traders must use buy on dips strategy  for now in stocks where we have clear up trends or where pullbacks are ending

Last week was once again a great week for all of our subscribers. We did make good money in Hindalco, Titan, Nifty, SBIN, and Wipro. All trades worked very well. Now, going forward keep in mind that although the trend remains up buying on dips strategy should be used because there is significant sector rotation that is going on for now. So one day one stock moves and the next trading day there is no follow-up buying happening in that stock because some other counter is used to keep the Nifty up.

The overall trend remains up. Nifty has good support at 15900 so use dips to buy stocks that are having clear-up trends so there is where good money can be made. 

Bank Nifty Prediction for tomorrow

Bank Nifty has been moving in a sideways zone. Refer chart enclosed below. Overall on Breakout banking stocks which we underperforming could see leading the Nifty subject to breakout taking place. As of now, this remains in a sideways trading range though there has been good momentum over the past few days.

Nifty Prediction for tomorrow
Nifty Prediction for tomorrow

There are many traders who are shorting the markets just because the markets are extremely expensive or have rallied significantly from the lows of last year formed at 7511. So while investing fresh at these levels is not recommended because of extremely high valuations however from a trading standpoint there is no breakdown of the up trend for short selling.

Even those holding longs in the portfolio should be looking to trail or use swp system for their respective portfolios for the time being. 

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.  

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Regards,

Glen Drago

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