Nifty Futures / Indian Stock Market Today’s Update 5th April 2018
Nifty Futures today gave a sharp fall and after making a high of 10279 Nifty fell hard towards the 10100 area so today’s fall has once again revived sentiment for the bearish scenario in the near term and that is what most of the traders and investors are thinking about. Most traders are now thinking about 9900-9700 or even lower levels based on today’s fall but we would say that overall longer term we remain very bearish but in the near term don’t get too bearish as zigzag movements will keep coming from time to time. Yes there could be some more near-term pain may be for one or two days and that is possible but as we have been saying that longer term we remain very bearish but in the immediate to near term we do not see much downside for Nifty Futures / Indian Stock market could surprise on the upside before the next bearish cycle begins so be very careful and nimble-footed that has been our advice and trade in and out do not get too involved in sell and hold or for that matter buy and hold positions. Trade in and out for the time being would be our advice as we could see sharper choppy movements in the near term. From a near-term perspective area around 10050-10100 spot, Nifty levels are important to watch out so we are very near to that support zone so as things stand do not get overly bearish for now. Just for now. Those who are reading this website udpate regularly are aware that we have been warning of choippy movements and today was just one of that days which were warning you about so be very alert to the news flow over the next few trading days.
Crude Oil has been falling sharply also and regular readers of this website are well aware we have shorts in Crude oil only for the near term trade and we have gone short around the 4300 area. Now crude oil is nearing a very important zone and we will keep updating our clients live as to when and what we should do and when to cover etc.
Part of what we recommended today
4/4/18, 9:10 AM – Glen Drago: Gm
4/4/18, 9:10 AM – Glen Drago: Hold positions as told
4/4/18, 9:10 AM – Glen Drago: If anything to do will update
4/4/18, 10:06 AM – Glen Drago: Nifty 10200 April Put hold 1 part Short and Nifty 10300 April Put hold 1 part Short as told
4/4/18, 10:07 AM – Glen Drago: Crude oil hold 1 part short as told
4/4/18, 10:07 AM – Glen Drago: If anything else to do will update
4/4/18, 12:39 PM – Glen Drago: Nifty is expected to remain sluggish and move higher since this is a corrective wave moving higher it will keep moving up slowly in a zigzag manner and it’s likely that towards the end of the move we could see Sharp short covering. As of now the entire market is extremely bearish and open interest data shows that so overall we don’t expect either from sentiment indicators point if view or from wave point of view we don’t see any major downside in the immediate term
4/4/18, 12:39 PM – Glen Drago: We see RBI policy to be neutral to minor dovish and we could see Sharp rally in terms of short covering tomorrow post the policy
4/4/18, 12:39 PM – Glen Drago: Hold positions as told
4/4/18, 12:40 PM – Glen Drago: If anything else is to be done will update
4/4/18, 12:42 PM – Glen Drago: Minor volatility will keep taking place but overall as of now we see Indian stock markets moving higher in the near term
4/4/18, 1:32 PM – Glen Drago: Hold positions as told
4/4/18, 1:32 PM – Glen Drago: If anything to do will update
4/4/18, 1:57 PM – Glen Drago: Nifty Fut buy 1 part at cmp
4/4/18, 1:58 PM – Glen Drago: Confirmation Nifty 1 part bought
4/4/18, 1:58 PM – Glen Drago: Nifty April Fut hold 1 part long And Nifty 10200 April Put hold 1 part Short and Nifty 10300 April Put hold 1 part Short as told
4/4/18, 1:58 PM – Glen Drago: If anything else to do will update
4/4/18, 4:38 PM – Glen Drago: Crude oil hold shorts as told
4/4/18, 5:08 PM – Glen Drago: Good Evening Nifty Update For Tomorrow http://www.mallavv.com/sgx-nifty/nifty-futures-indian-stock-market-todays-update-5th-april-2018.html
Good Trading To You!