Nifty Futures 23rd March 2018

Nifty Futures 23rd March 2018

Nifty Futures today moved lower after making a high of 10230 on spot Nifty level yesterday. The sentiment on the street is that many traders or rather majority of the traders are now totally bearish and most people are talking about sell on every rise and now everyone is talking about the problems like crude oil prices are too high and that in turn will affect the inflation and so on. Those very investors who were talking about India story now are getting afraid to deploy capital in the Indian stock market citing various macro problems.

From an Indian stock market perspective we have mentioned in our previous update that in the near term we have exited the positional shorts that we had created on upper side around 11000 area and from our analysis point of view in the immediate term we do not see much downside from current prices and these levels are not conducive for short selling or exiting one’s portfolio. We feel much better prices will be available to most traders and investors so getting out in panic as of now is not the best thing to do from our perspective. Please note this is only our immediate to near-term outlook from a longer-term perspective we maintain that stocks should be bought only if we see deep value and as of now we do not see deep value so there will be a time when good buying opportunities are available and they can be accumulated at that point in time but as of now for that situation to arise there still is some time. PSU Banks have a long way to go for now and we do not think that there is a lot of value there. We do expect to see much more problems from the banking sector both private and public sector banks will be seeing added pressure on the NPA front.

Many of you have been asking me about crude oil and our target of 82 yes eventually we crude oil prices heading towards the 82 dollars per barrel area but in the near term, we do not expect crude oil prices to continue its uptrend from here. Minor variations would be possible but in the near term, we do not expect crude oil prices to sustain above 4350 in MCX so keep that in mind.

Mercury will be going retrograde tomorrow. Mercury rules communication and since it goes to the retrograde mode it will give false news and false information so do verify before you trade on any information or news better still verify trade properly before you enter into the trade as we do expect a lot of miscommunication to take place during this phase of mercury retrograde. 

Good Trading to You!