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SGX Nifty 10th Oct 2016
SGX Nifty / Nifty Futures was trading in a range of 8810-8555 the range of the last week and as per our analysis we see some more volatility in the coming days, do expect to see the current divergences to start expanding.
Sugar sector remains a buy on dips and we like Renuka and Ugar sugar in that space. Ugar we had initiated at 20-22 then we booked part at 70 and now have reentered at 38. We feel that Ugar sugar will do very well in the coming time and the Q2 results also are expected to be above estimates do keep a watch on Ugar sugar. Crude Oil Futures have been doing very well in line with what we have been expecting it to do. We have mentioned in our past updates also that longer term crude oil is now in a fresh bullish cycle and we see crude oil prices heading higher from here also heading towards the 60$/bbl mark and eventually even to 72$/bbl but in the near term there could be some minor pullback so on a major pullback we will be buying again. Keep in mind that we do not see Crude Oil Futures breaking below the 38$ mark for now and on any sharp panic which could happen in the next few trading days we suggest buying and accumulating in a staggered manner. Major support for crude oil is at 41-43$/bbl.
Silver and Gold both have cracked in this week in line with what we were expecting and we have started buying Silver in small tranches. Silver we had bought and accumulated between 32K onwards till 40K then we booked at around 47-48K and now we are reentering our bullish trade. We do not see any significant downside in Silver prices and we expect silver to move higher over time. Please keep in mind that near term some volatility is expected in silver so buy only in a staggered manner. Gold too has a good support of 1244 and till the time 1244 is held we see prices could move higher towards 1380-1350 area.
We have short listed our new multi bagger call and we are now in final stages of identifying the counter. If we do get that final update then we will update our PAS clients about the stock. Again we may choose to write that counter’s name and details in public domain or may opt not to disclose the details of the same as of now.
Good Trading To You!