Nifty Prediction for tomorrow 2nd June 2021

Nifty Prediction for tomorrow 2nd June 2021 Nifty trend is still up but looks exhausted to me. Leading indicators have started to show reversals. Extreme caution is advised.

Nifty I have been very cautious for the past 3 days now. So let me show you a few charts as to why I am saying some of the things that I am saying. In the short term, we have an inverse correlation between USDINR and Nifty. So if USDINR depreciates in the near term we see pressure on Nifty. 

So if the USDINR pair has reversed then we do not see the Nifty moving higher in the near term. Nifty wave counts also have been given lower in the chart enclosed below so do have a look at that too. Nifty looks like is compleating a diametric wave g from the lows of 7511. This is a possibility having a high probability so keep that in mind. We will kee updating our clients on this. This is what I see as of now and is open to review. There may be short term variations however as I said we will review this however keep this in mind while taking positions.

Nifty Prediction for tomorrow
Nifty Prediction for tomorrow 2nd June 2021

Bank Nifty Prediction for tomorrow

Bank Nifty also is about to make a lower top based on wave counts. Kotak Bank and HDFC Bank have been underperforming the Nifty and broader markets and should lead the downside. If indeed Bank Nifty is heading towards 30000 targets then Kotak and HDFC Bank should be top picks to sort. I won’t be surprised to see sbi also lower towards 300 because this remains a corrective wave higher.

So keep in mind this is a complex puzzle. The one which we should keep a longer-term picture in mind but keep trading looking at near term pieces of evidence and we will keep reviewing them from time to time. if the situation changes then we will change and modify with whatever fresh information markets are giving us.

Nifty Chart Prediction

Nifty Prediction for tomorrow
Nifty Prediction for tomorrow

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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