Nifty Today’s Trend, Prediction, View, Target 6th June 18

Nifty Today’s Trend, Prediction, View, Target 6th June 18

Nifty Futures today continued its fall but was volatile during the trading day and finally closed in the red but the important aspect to keep in mind is that the speed of the fall as of now is slow eventually the speed of the fall will also pick up but as things stand right now tomorrow is the all important Reserve Bank of India MPC meeting which will deciding on the interest rates going forward as of now Indian stock market participants have factored in a rate hike and a hawkish tone by the MPC so any action that does not result into change of policy rates or even if the tone of the MPC is mildly dovish then that would and may create some pullback once again, not that we expect any pullback to sustain on the higher side nor do we see Nifty resistance of 10930 being taken out and we are not in the camp that feels this is a fresh bullish trend and neither we are of the view or prediction that Nifty is heading for higher targets of 11,000. As per our Nifty trend analysis, prediction we remain of the view that Nifty is in a down trend and though pullbacks will come from time to time the pullbacks must be used to exit trading longs and the strategy to be used should be to sell on rise rather than buying the dips, yes at important points tactical trades must be taken and we have done some tactical trades and we will keep doing entry and exit as and whenever we see opportunities and keep taking STBT trades or whatever trade suits the present situation but from a longer term or a medium term perspective we remain of the view that Nifty will keep making lower tops and lower bottoms but pullbacks will keep coming. As usual if you are only trading on the basis of this post then please use your own risk management and then only trade please do not over trade and please always keep your risk in check while trading.

From an astro cycle perspective next few days are very critical and we could see some heightened volatility be sure to be very nimble footed and always trade only in the direction of the main trend and enter around resistance areas and keep taking profits around short term support zones, not that we expect any of the supports to hold out for longer duration but minor pullbacks can come from support areas. Sentiment is currently bearish going into the policy meeting but keep in mind regardless of the outcome of the policy meeting Nifty will eventually end up making a lower top. Events will keep coming and regardless of the outcome charts are indicating that the main trend is down so whatever is the result of the meeting is actually irrelevant from a longer term perspective the effect of the outcome if favorable may just have some bullish move.

Good Trading To You!


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