Nifty Previous
The Nifty on 3rd July showed a +0.05% percent change and closed at 11916. As predicted in the previous post, it kept very well within the range. The Primary trend is still Bullish.
Technical Charts
- The long term view is still Bullish as seen by the daily candlestick.
2. One hour candle chart suggests some initial downward movement and then nifty can rise.
3. There are other different indicators which are analysed. However, to avoid confusion, I am not displaying it all.
Predictions
Below are the predictions based on Technical analysis and Machine learning models:
1. Trading levels : The range within which Nifty is expected to trade. Its Based on the past performance of Nifty ( Past one year)
2. Signals from different indicators: Most of signals are based on the Technical Indicators. Although there are a number of indicators, I have mentioned the basic ones for easier understanding. The ML signal is based on the Machine Learning model outcome. This machine learning model is a simple Support Vector Machine model.
3. Support and Resistances: The levels to watch out for. These can also serve as Target and stop loss.
Overview
Nifty still is in an uptrend for the mid to long term. However, for tomorrow from an intraday trading point of view, there could be some down movement before rising up. It’s always better to trade in the direction of the primary trend. Most of the signals are bullish. However, caution is to be taken.
Disclaimer
This article is to introduce readers/traders/ students about the predicting aspects of trading and doesn’t guarantee any success. Trading is a very risky business and losses can exceed investments. Trade at your own risk
