Nifty Prediction for tomorrow 16-4-2021 Trend remains down for now

Nifty Prediction for tomorrow Nifty trend remains down till 14950 spot does not cross however in panic cover shorts and initiate fresh shorts only at appropriate resistance areas

In our last free update, we said that although Nifty remains in a downtrend in panic traders must look to cover shorts and as of now the pullback that is going on is perfectly in line with our Nifty prediction. Our prediction for tomorrow continues that on sharp pullbacks to resistance areas short selling can be done with strict stop loss only and do not look to short anywhere but only on rise towards appropriate resistance areas

As it is shown in the chart below Nifty has been slowly grinding lower and till this lower top lower bottom formation does not end we should not be on the buying side although in panic can be done but be very nimble-footed and book profits also at regular intervals.

Nifty Prediction for tomorrow

Nifty Prediction for tomorrow


Bank Nifty prediction for tomorrow

In our last free update, we had predicted that overall Bank Nifty and most of its components are weaker than the Nifty and we did see a massive fall in Bank Nifty and just like Nifty even Bank Nifty has been in a downtrend and continues to be in a downtrend and until we see a close above 33000 spot levels I do not see the downtrend ending so again on rise don’t get euphoric here and look to book longs on rise as charts are for the time being not looking good in most banks.

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 you may click here 

Regards,

Glen Drago

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