Nifty Prediction for tomorrow 18th May 2021 Nifty is now at the upper trend channel resistance. There is a possibility of a false breakout so we need confirmation on the volume’s indicator.
Apologies for the delayed update. The weather in Mumbai is very bad. Wind speeds and rain has been very harsh since morning. Our connectivity also has been fluctuating. So anyways in our previous free update, we mentioned that Nifty can test 14900 and we were bang on. Nifty did manage to capture 14900 today. Now, we are at the upper trend channel resistance. Please refer Nifty Chart enclosed below. Fresh longs in Nifty should only be bought on confirmation of trend channel breakout with volumes.
Now what Nifty does here is very critical. Hence if you are having existing longs then keep trailing stop loss and hold longs. If you are short (actually there is no short trade as of now) but still if you are short then look for reversal signs. If we don’t see reversal signs and breakout with volumes above the trend channel resistance then use a stop loss and exit. In case you don’t have any positions wait on the sidelines and see what happens in the next 2 days.
Bank Nifty Prediction for tomorrow
Bank Nifty did very well today. However, keep in mind break below the 32000 spot level will push Bank Nifty to a lower target of 30000. Overall will watch this one closely over the next 3 trading days. For some reason, HDFC bank’s chart looks much weaker and has been lagging the bank nifty.
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.