Nifty Today’s Trend, Prediction, View, Target 5th Oct
Mayhem on the street today. Nifty Futures today plunged lower and had one of the sharpest closing cuts for 2018 on the downside. So what has changed for the markets over the past few weeks that markets are falling like there is no tomorrow? Well Nifty and markets are just adjusting for the fact that crude oil is higher and rupee has depreciated a lot but let us look forward from here and understand the overall picture.
Yesterday we have clearly written about our view, prediction for the rupee that although longer term we could see target levels of 80-82 but in the very near term we do not see rupee sliding much below 74 levels and we expect a pullback in the rupee in the near term so much of the selling that is coming in the near term will get negated due to stabilization of the rupee. Once again do not mix the view longer term we remain of the view that rupee will move lower but in the near term we do not see much below 74 and there could be some consolidation for the rupee between 71-74 zone.
Crude Oil is another factor which has kept India’s current account deficit out of hand and regular readers of this website will recollect that when Crude Oil was at 28 we had predicted these levels and now we do not feel that crude oil will move much higher from current levels or in other words crude oil has a lot of resistance on the time price area in the near vicinity and hence we do not feel that crude oil will move much higher from current prices.
Nifty Futures as per our view, prediction is that near term selling is over done. Frankly I was not expecting such a sharp decline today but it does not matter because the fall is perfectly into time cycle support, there are also astro cycle supports as well as price wave supports in the near vicinity and even if markets have to eventually move lower even in those circumstances we will see a sharp bounce from current levels. It is a different matter that the current move could also convert itself into a fresh trend but that we will see at some later date and time. There are many criteria’s for that situation to unfold.
We did do some positional trading buying today in Icici Bank around 295 spot levels and some other trades also details of which we will update here at appropriate time.
Good Trading To You!