Nifty Futures Update 14th Feb 2018

Nifty Futures Update 14th Feb 2018

Nifty is currently consolidating post the sharp fall which was seen over the past few trading days. As per our analysis Nifty is moving perfectly along expected lines and was yet another week of great gains for our clients.  Many people have started to talk about a bottom being formed in the market at 10276 but we would say that let the price show that there is a reversal taken place if at all prices have to move higher from current prices. As things stand we do not see much relief in the near term and the overall trend remains down while many major resistances have been formed along the way. Please keep in mind that I am not suggesting that pullbacks or rallies will not happen within this down move they will be pullbacks and some may even feel during those pullbacks that the trend has turned up but we would advise extreme caution while buying till the time where earnings have not started recovering and valuations become reasonable. There still are too many headwinds for world equities and India in specific and we have not even seen a fraction of the froth in valuations being cleaned till now. The SBI numbers reported over the weekend just shows the overall bleak picture and it was not just SBI even if we do see Icici banks numbers they too were a disaster and these numbers which are some of the top banks do not suggest any major economic recovery is going on. As I have mentioned in my past few updates that though there are few pockets where optically results do seem to have picked up but overall these numbers need to be seen over the next 2 quarters and how those numbers stack up.  On the broader macro front we don’t see much has changed for the earnings front or the macro picture.

Past of what we recommended over the past few days

2/8/18, 9:06 AM – Glen Drago: Good morning

2/8/18, 9:06 AM – Glen Drago: Hold positions as told

2/8/18, 9:06 AM – Glen Drago: Will update if anything has to be done

2/8/18, 9:54 AM – Glen Drago: Silver as of now we don’t have any open positions and we request you to wait for lower side opportunity to buy. Be on sidelines as far as silver is concerned for time being. Will update whenever we have to buy silver again

2/8/18, 9:54 AM – Glen Drago: Nifty hold 4 parts positional shorts as told

2/8/18, 9:55 AM – Glen Drago: Let the consolidation take place for some more time

2/8/18, 9:55 AM – Glen Drago: Will keep updating if anything needs to be done

2/8/18, 10:02 AM – Glen Drago: Crude oil don’t add for now. If and whenever we have to buy crude oil I will update. Crude oil has had a sharp rally and let consolidation take place in crude oil for now. At the end of the consolidation we will buy crude oil if we get low risk entry point. Overall we see crude oil heading towards 5900-6400 in INR value

2/8/18, 12:06 PM – Glen Drago: Nifty Hold 4 Parts positional shorts as told

2/8/18, 12:07 PM – Glen Drago: Nifty Hold 1 Part STBT as told

2/8/18, 12:07 PM – Glen Drago: Will keep updating if anything needs to be done

2/8/18, 1:43 PM – Glen Drago: Stbt sell

2/8/18, 1:43 PM – Glen Drago: Confirmation stbt part 2 active

2/8/18, 2:43 PM – Glen Drago: Nifty hold 4 parts positional shorts as told

2/8/18, 2:43 PM – Glen Drago: Nifty hold 2 parts stbt trade as told

2/8/18, 2:43 PM – Glen Drago: Whenever anything has to be done will update

2/8/18, 2:54 PM – Glen Drago: Hold all positions as told if anything to do will update

2/8/18, 2:55 PM – Glen Drago: Keep in mind that volatility will be present before the next trending move

2/9/18, 9:06 AM – Glen Drago: Good morning

2/9/18, 9:07 AM – Glen Drago: Nifty hold 4 parts positional shorts as told

2/9/18, 9:07 AM – Glen Drago: Nifty hold stbt trade 2 parts shorts as told

2/9/18, 9:07 AM – Glen Drago: Will keep updating if anything needs to be done

2/9/18, 9:16 AM – Glen Drago: Stbt trade book

2/9/18, 9:16 AM – Glen Drago: Confirmation stbt trade booked

2/9/18, 9:16 AM – Glen Drago: Hold nifty positional 4 parts shorts as told

2/9/18, 9:18 AM – Glen Drago: Will keep updating if anything else has to be done

2/9/18, 10:05 AM – Glen Drago: Charts are perfect as per whatever we have been estimating. Prices moving perfectly as expected.