Nifty Prediction for tomorrow 7th June 2021

Nifty Prediction for tomorrow 7th June 2021 Nifty trend still remains up however structure looks very sluggish as of now which make me very cautious

Nifty has just been drifting higher without any momentum. While price is considered the king of the market while momentum is the queen. As traders what we seek is momentum and that is lacking as of now. Hence trading on breakout especially has been traping traders.

I have been advocating a very cautious trade for now. However, as of now trend still remains up and hence we can not short sell for now. All said and done short selling can only be done on a reversal confirmation. Till the point we do not see a reversal confirmation going short is not a good idea. Please keep that in mind. Having said that there are some stock-specific opportunities that will present themselves from time to time and that must be taken.

Nifty Prediction for tomorrow
Nifty Prediction for tomorrow

Bank Nifty prediction 

Bank Nifty has been underperforming Nifty. While Nifty has made new highs bank nifty is still lagging behind for now. The issue is that many stocks in the banking space are consistently making divergences which if continue will lead banks to make a lower top and move lower. Kotak Bank looks weak and so does Hdfc Bank in the private sector space. However short selling must only be done on a reversal confirmation at a low-risk point keeping risk in check.

We will be adding another update to our algo this weekend which will enable us to capture small intraday trades also. Though I am not a fan of this sort of trading as in our historical studies positional trading has been the best way to make consistent big money however many traders want us to do something for day to day trades and hence we will update algo for that too this weekend.

Nifty Astro Prediction 

Mercury went retrograde last Sunday and we are nearing the mercury mid-point. Markets that did not change directions at mercury retrograde generally do so at the midpoint of retrograde. Also, we have Venus trine Jupiter today and that too has a history of historically creating a primary cycle top. 

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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