Nifty Futures Update 9th Dec 2016

SGX Nifty Futures

LTP   10,940.00   +26.00 +0.24% High 11,041.50 Low 11,001.00 (Change Vs Today’s Nifty Futures (NSE) Closing)

SGX Nifty

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Nifty Futures Update 9th Nov 2016

Nifty Futures / SGX Nifty today continued its up move along expected lines. We have been saying that the near term trend remains up although we once again reiterate that Nifty will eventually fall to 5872 but in the near term we do not see short selling making much or any money. Overall the near term trend does not show us that downside moves are coming immediately. It is only once this pullback move ends will the main trend which is down will resume but till this near term pullback does not end it will not be a good strategy to short sell also keep in mind that as and whenever we see the near term trend coming to a end we will once again initiate short selling positions but till the time we do not see that the near term trend shows weakness we should not short sell or exit longs for that matter. If you are only trading on the basis of this post then please use appropriate risk management and then only trade. We do not recommend over trading and we strongly recommend that you trade only as per your own system.

Yesterday RBI did not cut rates and we were expecting a min of 25 bps from them. In my personal view I still do not agree with the RBI decision but anyways as the charts are showing that the near term trend is up we will keep holding longs till the time we do not see the near term trend changing to down also we see that the overall sentiment indicators are still showing signs of extreme bearishness. We have seen that when almost all the traders want to sell and no one wants to buy that sentiment has always lead to a near term pullback and that is what we are seeing. Price has built in all the near term negatives so we do not expect immediate down moves but at the same time keep in mind that when this pullback ends we will start seeing moves towards 5872 which is our longer term target. 

Good Trading To You!