Nifty Prediction for tomorrow 19th July 2021 Nifty trend is positive till 15840 spot level. Momentum is missing in Nifty however so look at individual stocks to trade.
Nifty yesterday did breakout above 15920 after 5 attempts however even after the price breakout momentum is missing in Nifty. There is a drifting move that is going on and that will continue till we do not close below 15840 spot level with volumes. As far as open interest positions are analyzed 16000 levels is important resistance for the time being.
We did take long trades in ambuja cement and went long at 370-366 levels this week and that has worked very well. We did also go long in tata steel at around 1245 and that too is doing very well. The point is this market is for the time being purely stock-specific. The index can be traded but buying on dips should be done.
Bank Nifty Prediction for tomorrow
Bank Nifty also has been drifting in a range. We need to see momentum breakout to see the bank nifty leading. As of now, bank Nifty continues to be a laggard. Bank Nifty has support at 35348 and till prices don’t close below this expect a slow drift higher. For trading need to see momentum and then only we can go long on this one.
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.
Multiple indicators are suggesting that a momentum breakout is about to happen so look at individual counters which are outperforming and enjoy the part while it is still on. As long as prices don’t break supports keep holding longs and keep a purely trading perspective on the long side. Many stocks doing different things so trading also is not going to be an easy task for now keep that in mind and be very nimble-footed. The most important indicator of all to watch out is bond yields. If that does move above 6.30 means the party is about to end.