Nifty Prediction 11th Oct 2021

Nifty Prediction wave counts suggest 18000-18250 as resistance. Profit booking is expected on the higher side. A broad trading range is expected so on the higher side look to book profits in longs.

Trend

Sideways

Support

17558-17420

Resistance

18000-18250

Bank Nifty Support

36500

Bank Nifty Resistance

37297

Nifty Prediction and commentary


Nifty has significant resistance ahead. The strategy should be to book longs on the higher side and look to renter in panic. Ideally, look to reduce longs especially from the overvalued quality space. Quality at a fair price is ok however in some of the names valuations even though those are quality look absurd and hence it will be prudent to look at some of the value plays on declines.



Nifty Prediction

Based on OI also we can see there is very heavy built up around 17500 and 18000 area so near term this will areas to watch out for. The action will be purely stock-specific from here on which we will keep updating live on WhatsApp.

Sector

Trend

Outlook

​CNXIT

​Sideways to Negative

Resistance 37000-37900

Capital goods

​Topping out

See a pullback

FMCG

Down

Support 39000-38000

Banking

Sideways

Avoid

Metals

Sideways

In Panic, we will Buy

Mid Cap

Up

30400 Closing basis Support

Pharma

Sideways

15000-13400

Auto

At Resistance

Break above 11400 needed

Radar Mode Value Stocks like NMDC, Nalco, and Real Estate. On pullbacks and sharp corrections, these stocks and sectors would be a buy at appropriate support zones.


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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.


Regards,


Glen Drago


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