Nifty Prediction for tomorrow 6-10-2021

Nifty Prediction Nifty trend is now sideways between 18000-17500 spot levels mentioned. A breakout is needed above 18000 with volumes for a fresh trending move higher.


Technically, Nifty remains in a trading range now. However, there are some stocks that are continuing to display momentum and we should be trading them. We did buy into Sun Pharma and did book out and made good money there. Overall the trend still has a positive bias and we should continue to be looking for buying opportunities.


Nifty Prediction what could dent the trend?


Having said and acknowledged that there are no breakdown signals as of now investors and traders should keep in mind that there is one key risk that is bewring behind the backs and that is Crude Oil and inflation. Crude oil has given a fresh breakout today and that does not go well with the long-term history for oil-importing countries like India. Inflation is now a bigger risk than ever however the easier way to tackle this is to look elsewhere and that is the Indian bond yields. If we do see Indian bond yields rising and closing above 6.32 for 3 trading days then we should expect a short-term pullback or a correction at least so keep a key on the yield of the bond.


If or not this becomes a larger correction that remains to be seen but just for the time being Indian stock markets have shown tremendous resilience. Despite the mother market S&P500 being in a corrective phase, Nifty has managed to remain sideways.


Bank Nifty Prediction for tomorrow


Bank Nifty has not gone anywhere and been underperforming Nifty and as of now, the charts don't suggest any great buying opportunities are available here. We will keep updating from time to time on this.


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

95 6316 6316



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