Nifty Today’s Trend, Prediction, View, Target 19th Sep

Nifty Today’s Trend, Prediction, View, Target 19th Sep

Nifty Futures today had another down day and finally Nifty closed lower today by almost 100 points and many traders who had gone long around Friday were seen forced out of their long positions and many traders were also seen initiating fresh shorts today after Nifty breached the 11300 area. As per our analysis Nifty trend remains down but our prediction, view remains that selling must only be done at appropriate resistance areas or on pullbacks, selling or initiating fresh shorts on sharp down days is not the ideal strategy for the time being although eventually Nifty Futures will see lower targets but for the time being it will be prudent to use pullbacks and sell into resistance for selling fresh, it wont hurt even to keep booking partially during days when there is a sharp fall like the one we have seen today but keep in mind that we are not suggesting to buy we are only saying in panic traders can book partial profits and use any bounce backs to renter those same short selling positions. There will come a time when even if you sell at any price and anywhere it will make you money but currently this is not that phase where selling at any price will make money so be very careful and do not sell blindly.  Today we did book profits in our positional short positions so next few trading days will be very interesting be careful and only enter positions at low risk points. It could be possible for Nifty to move in a band for the next few days and consolidate before the next round of trending move begins.

Indian rupee today was seen falling sharply yet again and Nifty was actually reacting to the falling rupee, Reserve Bank of India will be intervening in the currency markets around the 73 area for the time being but eventually we do not see the rupee holding the 73 area and from a technical analysis and Gann analysis stand point we do not see any major support for the rupee before 75 so once rupee touches or nears 75 we could see rupee then moving in a broad range of 72-75 for the next few months before the next round of downside towards 82 for the rupee begins but for the time being 73 levels will not hold for long keep in mind that there will be some battles that RBI will wage to protect the 73 area using some strong intervention from public sector banks but eventually the 73 area will not hold out and the first halt that the rupee will take will be around the 75 area. It is only after the area of 75 is reached we should expect to see consolidating in between 75-72 area.

Good Trading To You!


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