Nifty Prediction for tomorrow 6th May 2021

Nifty Prediction for tomorrow 6th May 2021 Nifty trend remains sideways in a broad trading range however buying is recommended in panic towards quality support zones.

Broadly markets today were seen in a further compression range moving between a very small tight band of 14650-14500 spot Nifty levels mentioned. Overall we maintain our positive bias on the Nifty. Analyzing larger time frame wave counts and larger time frame trend however near term buying must only be done when we see panic in price movement.

Buying on rise or rally must be avoided for the time being. For now, the larger time frame trend remains up I would not recommend short selling at all.

Stock-specific action and trading must be done only where we see trends completely clear. In simple words trend must be clearly up or down for that matter to take trading positions. As of now, most stocks are having a lot of overlapping. 

Nifty Prediction for tomorrow
Nifty Prediction for tomorrow

Bank Nifty Prediction for tomorrow

Banking index also was seen consolidating in a range for today. Bank Nifty chart below shows that it has broken off from a downward trending channel. However, as of now, we do not have other factors which show us that prices will trend higher easily so we need to watch this space carefully.

Since larger time frame wave counts are positive here also we would like to buy in panic. We would prefer some individual stocks in the banking space than buying Bank Nifty.

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.

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Regards,

Glen Drago

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