Nifty Today’s Trend, Prediction, View, Target 15th Oct
Nifty today’s trend was bullish and markets moved perfectly in line with our estimates, view, prediction and moved towards our intraday targets today. The general sentiment in the market is extremely dented and most of the market participants who were long in portfolios panicked and got out over the past few trading days. Everyone was talking about how bad the macros had become and how the problem of crude oil and rupee will effect the markets in reality all these problems were existing long before most people noticed but the market was ignoring them and we feel that the worst of the macro problems are behind us in the near term. As per our analysis, view, prediction Nifty trend is still sideways but the sharp rally and the broad based participation is suggesting that in the coming week the trend could turn up and become bullish and in turn the market could become buy on dips and in turn start moving towards higher targets and this move could convert itself into a new trend, please keep in mind that as of now we do not have confirmation of the trend change and only once we get the trend change confirmation then we can be certain that Nifty will be moving towards higher targets.
Today the rally was primarily was due to better macro factors and good and stable global cues. Regular readers of this website are well aware that we were bullish on the rupee right from 63 onwards but at 74 our view and prediction was that in the very near term rupee had topped out and we could see a move towards the 71-72 area and rupee exactly is showing us the same thing. After hitting intraday low of around 74.50 yesterday rupee has started a good appreciation and as per our analysis we feel that the target of 71-72 will come in the next few months. Please note that as of now it is too premature to call the final top for the rupee but as of now we are suggesting sell on rise in the rupee dollar pair so if USDINR does move higher it is a sell on rise and near term panic top in rupee has been formed as per our analysis and we expect a target of 71-72 in the coming months.
The same goes with crude oil. When crude oil was at 28 we were clearly saying that this is one of the best buying opportunities and we had predicted targets of 85 and now those targets are done so although we do not have a confirmation that the longer term trend in crude oil has changed but in the near term or short term we have a top for crude oil in place and as we have been saying that both these factors of crude oil and stronger rupee will help and support the Indian stock market. From an astrological perspective Jupiter the planet of expansion the Guru changed house yesterday and today we have had a massive bullish move so it means that this transit could be very powerful and beficialial for the stock market but we would like to see a few more days before we can reach that conclusion as of now it is indicating that Jupiter moving into Scorpio is positive for the market but if Jupiter indeed supports markets then the current time band could turn out to be a great buying opportunity. We will keep discusiing more on this in the next updates.
Our delivery calls are doing good and once again we reiterate our view that there are some pockets where deep value has emerged and buying must be done on dips where deep value has emerged so please do not mix a trading view and investment view together. 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.
Good Trading To You!