Nifty Prediction for tomorrow 4th May 2021

Nifty Prediction for tomorrow 4th May 2021 Nifty trend has again turned sideways however with a positive bias. Unless and until we break from the channel shown below we will continue the sideways trend.

Nifty gapped down on the news of BJP losing the Bengal elections and some other state elections. Be that as it may, we were expecting a pullback. Now, the idea should be to buy trending counters, or even for that matter Nifty on dips towards appropriate supports should work fine till this trend channel holds but keep in mind to keep booking regular profits on rallies as until the channel breaks on the upside regular pullbacks will keep coming.

Nifty Prediction for tomorrow
Nifty Prediction for tomorrow, Nifty Chart

Having said that we expect overall Nifty targets of 15250 or maybe even a new high is possible over the next few weeks. Many may ask why and frankly I do not know the news flow or the reason I am just communicating what I am seeing on the charts. Despite all the negative news flow prices are respecting the channel shown below in the Nifty Chart so as traders let’s just follow that for the time being. 

Bank Nifty Prediction for tomorrow 

Bank Nifty Chart also has a bit different structure than Nifty. Bank nifty has already broken out of the downward trend channel however as of now we see better structures in icici bank and state bank of India however bank nifty looks also has a positive bias so towards supports can look to buy this one also however keep taking money off the table at regular intervals.

Bank Nifty Prediction for tomorrow
Bank 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. In case you would like to have a free trial of our services please click here.

Regards,

Glen Drago

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