Nifty started on a sluggish note – ie the prices in the first 5 minutes did not cross the previous candles high. This indicated that the markets may fall. There are cases, where the first 5 minutes may be sluggish and later the markets may charge ahead. If that were the case, then a buy should be triggered above the last day’s candle. Today however, the prices did not move above the first 5 minutes. The Nifty had the a resistance at the 9 daymoving average on the hourly chart and in the last hour of trade, the Nifty pulled back a bit.
Prediction for 9th April 2019: We expect the downtrend to continue until 11550, so short at 11620 levels keeping a stop loss of 11643 and target 11550.
What happened and what we predicted
Bank Nifty could not move upwards and weakended until 30050 levels where it broke. This could have a great place and time to make good money. The charts indicate that there is more downside, with the prices taking the hourly 9 day moving average as a resistance.