Nifty Prediction for tomorrow 30th July 2021 Nifty trend remains sideways between 15920-15450. Stock specific activity to continue. Avoid trading Nifty for now. Especially avoid option buying till we do not see range breakout.
Part of what we did
[09:13, 7/28/2021] Glen Drago: Delivery call accumulate McLeod Russel at 33-20
[09:12, 7/29/2021] Glen Drago: Good morning
[09:12, 7/29/2021] Glen Drago: Hold McLeod longs as told
[09:12, 7/29/2021] Glen Drago: Will update as and when anything needs to be done
[09:26, 7/29/2021] Glen Drago: Nifty remains in trading range of 15920-15450
In panic we will Be buying. Upper bhavv mea chadd ke matt buying karo
[10:31, 7/29/2021] Glen Drago: Hindalco Buy in 2 Parts Buy 1 Part at cmp
[10:31, 7/29/2021] Glen Drago: confirmation Hindalco 1 part buy active at 429
[10:50, 7/29/2021] Glen Drago: Hindalco book 50% at 439-438 & trail rem qty to cost /429 & hold
[10:50, 7/29/2021] Glen Drago: confirmation hindalco booked 50% at 438.50 now hold rem 50% longs with 429/cost as trailing sl
So as you can see we have been trading stock specific for now as Nifty remains in a trading range now for almost over 2 months now. Till we do not see range breakout with momentum we cannot take a positional or a directional trade in Nifty.
As things stand individual stocks should be traded wherever we see a trending move. Metals like Tata Steel, Hindalco have been in an uptrend so they remain buying opportunities on dips at appropriate supports. Also, Index heavyweight Reliance has been in a downtrend and we had a target area of around 1996-2000 for this one. So every stock is doing its own thing hence trading stock specific should be done.
Bank Nifty Prediction for tomorrow
Bank Nifty has been much weaker than Nifty. In the last few updates, we said that better to avoid indices and trade individual counters. We predicted that icici bank’s structure looks better and that too has played out very well. Going forward we see a continuation of outperformance in the near term from State Bank of India and Icici Bank however buying on pullbacks only should be done at appropriate supports with the right risk management.
Stocks to watch out for over the next few days should be BEL and LT. I say this because there has been continuous sector rotation and Capital goods can be the next sector that can lead outperformance in the coming few days.
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.