Nifty trend today / Nifty prediction today 7th Feb 19
Nifty trend today was bullish in line with my Nifty prediction. Nifty near term trend / Nifty trend tomorrow will remain higher till support zone around 10800 is not breached, however keep in mind that longer term Nifty trend is down so be very nimble footed with your trades. Regular readers of this website are well aware that we have been saying that Nifty can come to levels of around 11300 or maybe even a bit more higher than 11300 is possible we are not saying that a bit more up move is not possible sure it is however we do not see Nifty sustaining on the higher side as there are too many headwinds both in term of valuations as well as technical resistance areas are present so as we have guided yesterday it will be prudent to go into some stock specific trades for the time being rather than trying to trade the Nifty in the very near term. We say this because though Nifty has broken out today after many weeks from the trading range of 11000-10600 on the higher side there is still resistance levels just around the corner also in addition to this fact the market is showing some or rather significant divergences within sectors so we have one sector which will zoom higher while there is another sector which is about to collapse so rather than trying to trade Nifty where both the sectors will act as opposing forces it will be a prudent strategy to trade long on the sector that will zoom while trade short on the sector that’s going to collapse and within these sectors there are some charts which are looking very bullish and within these sectors there are some stocks that are looking very bearish so it will be prudent to go stock wise rather than looking at the broad stock market for the time being.
This is what we did today
06/02/19, 9:13 am – Glen: Good morning
06/02/19, 9:13 am – Glen: Wait for msg to trade
06/02/19, 9:22 am – Glen: Bata buy at 1165 spot Nse Cash Rates Mentioned
06/02/19, 9:49 am – Glen: Keep —— on touchline we will buy whenever we see low risk opportunity
06/02/19, 9:51 am – Glen: ——– look very bad around nifty topping area we will sell these
06/02/19, 10:09 am – Glen: Rupee will eventually breach —-. Will keep making higher tops and bottoms and move higher above —- eventually
From now on the market will be very stock specific so there will be some better trades and opportunities from a stock specific trade then Nifty or the Bank Nifty in the near term. From a traders perspective it will be better to trade those stocks which are trending either up or down rather than trying to trade the Nifty or the Bank Nifty in the near term.
Good Trading to you!