Nifty Previous
The Nifty today gained +0.25% and closed at 11946. As predicted in the previous post on 3rd July, 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 1 Hour candlestick
2. 5 Minutes candle chart shows the Nifty traded sideways for most of the time after opening with a gap. RSI Divergence is observed in both the graphs.
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, the bearish move can be observed. The RSI divergence has raised an issue with the short time upward move. As mentioned before, the long term trend is still bullish although I will try my luck with shorting nifty tomorrow 🙂
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
