Nifty Prediction for tomorrow, Nifty trend overall trend is still down but now we are nearing important supports of 14000-13800 which was our target area from higher levels of 15300. Avoid short-selling fresh and look to book positional shorts. In case you are still holding shorts or better still look to start going long in select trending counters which sort of is leading the pullback.
In our previous free Nifty Prediction, we had mentioned that in panic look to book shorts, and if you are short selling only do so on pullbacks at appropriate resistances so that prediction has worked very well. However now Nifty is near important supports so short selling Nifty should be avoided and rather we look at up trending counters like steel and maybe even cement stocks can be looked at for going long for the time being.
So in a nutshell avoid Nifty and buy steel and cement stocks at appropriate support zones with strict stop loss only. Do not buy non trending counters look to enter only strong counters which are trending at appropriate support zones with strict stop loss.
Bank Nifty prediction for tomorrow
Bank Nifty is in a downtrend and though this is not a short sell now we would not like to buy this as this is one of the weaker components of the markets so I would avoid trading longs here for now. Bank Nifty has been looking much weaker than Nifty and though we can see some good bounce backs here I would still prefer other counters than trading bank Nifty there maybe just a few exceptions to this though.
Icici Bank however looks like a possible exception to the bank nifty space so we will wait and see what happens here so do we get a leading indicator from icici bank in the next few days or not we will watch out for that in the next few days.
Part of what we told our clients yesterday
Nifty target of 14000 should be done tomorrow so keep in mind our updated Nifty view / Nifty prediction now.
Holding 13500 spot Nifty we can move back up to 15000 or even a last new high however for this 13500 must hold if 13500 breaks that’s game over and we would be looking at 12100 immediate targets with periodic pullbacks off course.
Bank Nifty holding 28900 spot should also make a up move but would avoid playing long here as this is one of the most weak components of the Nifty.
Steel, Cement looks very good for the next few months (assuming 13500 spot holds) so be prepared for some very fast trading in these stocks I like set ups in Jsw Steel, Tata steel and some cement names so we would see where to enter them. From a astro cycle perspective we see good support for steel rather even more support for steel from 23 May 2021 for a few weeks.
Other sectors and stocks we will buy as and when we see good set ups.
Bottom line Nifty must hold 13500 spot if any up move has to come and up move has to be played via steel and cement and wherever we see good set ups. Trading will be extremely fast and we can move in and out extremely rapidly so please be very alert for trades and messages.
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 click here