Nifty Prediction for tomorrow 14th May 2021

Nifty Prediction for tomorrow 14th May 2021 Nifty trend still sideways. Can see one pullback to the 15000 area however sustaining on the higher side looks challenging as of now.

Nifty had a negative day today. Overall Nifty trend remains sideways having resistance around 15100 and support around 14000. Please see the Nifty Chart below to get a better understanding of the range-bound trading that is going on. Nifty unless breaks out of the trend channel such sideways movement will continue. There is also a possibility of a bull trap by a false breakout above the trend channel resistance so be very alert to watch out for the momentum and volume profile of the breakout trend channel.

Nifty Prediction for tomorrow
Nifty Prediction for tomorrow

Bank Nifty Prediction for tomorrow

Bank Nifty trend is also sideways. Bank Nifty based on my wave counts is heading towards a target of 30000.  In the near term, however, we can see a pullback over the next few days. Short selling must only be done on quality resistance levels with strict stop loss.

State Bank of India also looks weak and eventually is heading for a target of 290. This too is a shorting candidate. However, shorting must only be done at good resistance zones. 

Pharma stocks can move higher because USDINR pair can see a move towards 77. So Divis looks good but will be a trade in and out like we did today.

Nifty Prediction given during in live market today

[09:32, 5/12/2021] Glen Drago: Divis Labs Buy in 2 Parts Buy 1 Part at 4050 spot level
[09:33, 5/12/2021] Glen Drago: Divis labs 1 part buy active at 4050 spot level
[09:39, 5/12/2021] Glen Drago: Divis book 50% at 4080 spot level (prefeed)
[09:45, 5/12/2021] Glen Drago: Divis book 50% at cmp 4075

[10:35, 5/12/2021] Glen Drago: close rem divis at cmp not moving as expected
[10:35, 5/12/2021] Glen Drago: confirmation closed rem divis labs at 4085 spot rate

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