Nifty Prediction Short term trend down

Nifty Prediction 29th Oct 2021 As predicted Nifty has broken down. The short-term trend remains down for now however medium-term trend remains up.

​Nifty Trend

Down

Resistance

18300

Support

17200

Bank Nifty Trend

Down

Resistance

41118

Support

39100

Nifty Prediction and commentary

We have been saying for the past few days that there is limited upside and downside we can see a good correction and that correction which was elusive till now has now set in.


Overall the medium picture still remains intact however near term we see much more pain in the broader markets and stock-specific corrections could keep happening. So in all this panic that we see there is one sector to be picked up where risk rewards are very favorable. We see this sector outperforming over the next 12 months and we could see a min of 50% upside here. We will update our clients when to buy here. As of now, near-term supports are placed at 17200-16800. Near term margins for most companies will be an issue (yes this will be a problem in the next 2 or 3 quarters to come. Click here for a detailed update on this)


Nifty Prediction 29-10-2021

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


95 6316 6316




181 views

Recent Posts

See All