Nifty Tomorrow: Prediction, outlook and Trend for 19th Apr 2021

Medium Term Trend: 👈👉Sideways (Changes to up above 15200 & down below 14300)

Nifty @ 14620 up 40 points - Beginning to gain strength

Nifty tested 14700 levels today however could not breach it and dropped to 14600 levels and closed with small gains. After testing 14300 levels early this week market has yet again managed to move around 400 points from the lows (hit on Monday). We had mentioned following in the previous post

"Nifty is still holding on to 14250-14300 levels which means bulls are not out of picture. Yesterday fall was driven by panic and often bottoms are made during panic. Rising corona cases are leading traders to believe a repeat of Mar 2020 which as per us is very far fetched thought ( atleast as of now). Infact such a a sharp fall could lead market to move up with same force (aided by short covering and value buying). Remember we had also said that doesnt matter which scenario is playing out, the overall trend is likely to break on the upside and nothing has changed even now(even after a 500 point fall)"

Now last few days recovery is justifying our stance and indicating that our overall analysis (so far) is on right path. Nifty has tested one crucial resistance today (14650) and though it didnt close above it, we didnt see any strong sell off as well which is indeed a positive sign. If we do not see a sell off soon and market start spending some more time near these levels & manage a positive close above 14650-700 levels then it could indicate that 14850-900 is likely to be tested again soon. We have spend close to 40 trading sessions in the range and its enough to bore traders and market is ripe for a breakout.

For bearish option to play out we should see a strong reaction on Monday (when we say strong we mean atleast a fall of 150-200 point) followed up by break of 14250 levels in next 3 trading session, anything short of that is not likely to deter bulls.

We would advise bears to exercise caution and refrain from creating short position for now, recently market has rewarded traders who have sold on every rise but situation can change any time. On the contrary if strength is witnessed on even Monday, then long position can be added (with adequate and proper SL of course).


Happy Trading!

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