Nifty prediction for tomorrow 5th May 2021 Nifty trend continues sideways with a positive bias. Buying must be done only in panic at quality support areas.
Nifty today was moving in a narrow trading range. We did book out of longs in the morning itself. Chat transcript for the same is enclosed below for reference. The overall bias is positive however since on higher time frames we are in a sideways band look to buy only in panic at very good quality support zones. As a strategy buying in a staggered manner will help.
Also, the volatility has been higher than usual over the past few days so it will be prudent to trade lighter than usual qty so that as to adjust for higher volatility.
Bank Nifty Prediction for tomorrow
Bank Nifty also there is not much change. As I have guided in my previous update Icici Bank and State Bank of India look better from a trading standpoint however Bank Nifty is also a similar strategy to that of Nifty can be used. Buy on dips at quality support zones however since overall we still are in a trading zone on higher time frames we must use sharp euphoric rises in intraday to keep booking regular profits.
So overall the entire Indian stock market is not in a buy and hold phase or for that matter in a sell and hold phase. In a sharp panic, traders must look to buy and in sharp euphoria look to book profits. Won’t recommend shorting for now as the trend in Bank Nifty, as well as Nifty, remains up for the time being.
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 please click here.
Nifty Prediction for tomorrow & Bank Nifty Prediction for tomorrow given live to our clients
[09:17, 5/4/2021] Glen Drago: Nifty book profit in 2nd part at cmp
[09:17, 5/4/2021] Glen Drago: Confirmation Nifty 2nd part booked at 14714 spot level for buy done at 14640
[09:18, 5/4/2021] Glen Drago: Continue holding nifty 50% of part 1
[09:18, 5/4/2021] Glen Drago: Icici bank close positions at cmp
[09:18, 5/4/2021] Glen Drago: Confirmation icici bank booked at 606 for buy done at 601
[09:19, 5/4/2021] Glen Drago: Sbin hold remaining 50 percent long qty as told
[09:22, 5/4/2021] Glen Drago: Possibility of moving lower again and then up hence for safety reduced longs
[09:22, 5/4/2021] Glen Drago: On dips we will add longs again
[09:23, 5/4/2021] Glen Drago: Close Nifty sbin at cmp confirmation sbin booked rem 50% at 359 for buy at 353
[09:23, 5/4/2021] Glen Drago: Confirmation no. Open positions
[09:23, 5/4/2021] Glen Drago: Wait for msg to trade
[09:24, 5/4/2021] Glen Drago: Please ensure you have read the update given on website yesterday to be in sync with what we are doing