Nifty Prediction for tomorrow 22nd June 2021 Nifty trend remains down. On pullbacks towards resistances keep shorting and keep booking regular profits.
In our previous update, we had clearly mentioned that since Mercury is still retrograde we will keep seeing sharp counter-trend moves coming. Nifty did exactly that. Today Nifty opened gap down and around 15530 spot levels we booked profits in our shorts that we had initiated towards the end of trade on Friday. This exactly what we need to do in the present circumstances because Mercury retrograde will keep giving counter-trend moves.
However, having said that does not change the wave counts and longer-term picture. We see that Nifty is showing fatigue signs on the higher side. Hence we do not advocate buying on the higher side. Selling can be done but only at resistance areas on good pullbacks till the time Mercury does not go direct.
Nifty Prediction for July 2021
Mercury will go direct shortly and Jupiter will retrograde and so will Neptune. When 3 important planets are changing directions we will see some major moves coming. Our analysis using a combination of multiple analysis suggest lower levels are coming in the next few days however selling must be done at appropriate resistance zones only with strict stop loss. Nifty can test a target of 14600 over the next few days or maybe a few weeks.
Bank Nifty prediction for tomorrow
Bank Nifty trend remains down. There can be some pullback but this pullback will also lead to a lower top formation eventually. We will not be surprised to see 30000 on the downside once this lower top is done.
Part of what we did
[09:09, 6/21/2021] Glen Drago: Nifty book profit in 2nd part sold at 15681 spot level at opening bell and hold part 1 shorts done at 15548 spot levels mentioned
[09:15, 6/21/2021] Glen Drago: Confirmation Nifty booked 2nd part at 15521 for sell done at 15681 spot level
[09:16, 6/21/2021] Glen Drago: Confirmation Nifty 2nd part 15300 put buy booked at cmp
[09:16, 6/21/2021] Glen Drago: Confirmation Bank Nifty 2nd part put buy booked at cmp
[09:16, 6/21/2021] Glen Drago: Hold 1 Part shorts in Nifty for now
[09:23, 6/21/2021] Glen Drago: Exit all shorts for now
[09:24, 6/21/2021] Glen Drago: Confirmation closed all shorts no open positions in Nifty Fut, bank nifty, Nifty Options or bank nifty options
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.