Nifty Prediction for tomorrow 1st June 2021 trend remains up and in an advanced stage. Extreme momentum divergences along with wave counts analysis make me very cautious now.
Nifty continued to drift higher. In the near term combination of wave counts and momentum suggests that the up move that started from 14100 odd area is now mature. We can drift a bit higher and till we do not see a confirmation of trend reversal we won’t go short.
Traders can nimble in some minor put buying just in case. I have bought month-end puts but very minuscule qty for now. I am just playing through some minor options now so that in case of a sudden gap down I would like to capture the next wave down with minimal risk which I personally can take and am willing to. However, once we do get a confirmation of trend reversal.
Low-risk traders or those who would like to have a 90% plus probability trades must trade only on reversal confirmation. We are in a situation where buying is not recommended because of topping signs and short selling cant be done as yet because the trend is still up.
Nifty Prediction for tomorrow
Bank Nifty Prediction for tomorrow
Bank Nifty charts are telling me a different story. many think that banks will lead the next round however I do not see that at least as of now. Kotak Bank is looking weak for the next few days and could be one of the leaders of the next leg down or pullback.
Anyways, I will not be surprised to see Bank nifty going to a target of 30000 area post this pullback is done and Kotak bank can be one of the leaders in that move down.
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.