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SGX Nifty 12th April 2016
SGX Nifty / Nifty Futures today had a good day and zoomed higher from the lower side of levels of 7517 and headed towards 7700. Most of the traders now are long and everyone on earth has once again started talking and justifying 8000-8250 levels (sure those levels will come but not now we see a correction of 6825-7777 and then a move to 8000+ levels we do not see a direct move higher towards 8000 + levels in this current move) During our analysis of Nifty Charts two days back we had seen this very possibility of a possible pullback within a pullback and hence we had recommended our clients to close the short positions we had built at higher side between or around 7750 levels and now on rise we will sell at appropriate levels / points. As per our Nifty Future Tips / Nifty Prediction we reiterate that we do not see Nifty Futures sustaining on the higher side and we see Nifty Futures moving lower and that move lower is actually going to be nothing more than a correction of the move from 6825 onwards to higher side levels of 7777 (please keep in mind that the downside move could look like a mandi cycle but in reality it will not be a mandi cycle it will just be a ongoing correction). We reiterate and maintain that we must not hold on to any trading long positions for the time being (keep in mind that what we exit now we will reenter at lower side again ) and must use all rise to get out of positions that are stuck as per our Indian Stock Market analysis we do not see Nifty moving much higher or sustaining on the higher side please keep that in mind so kindly do not get euphoric about the Share Market News flow over the next few trading days. Having said that does that imply that we can not go to 7800? Why not sure Nifty Futures can go to 7800 but do we see 7800 + sustaining? The answer to that is probably not and Nifty Futures does not have the strength or the legs to sustain itself on the higher side that is what the wave counts and the time cycles are suggesting on a broad count to us.
Use all dips to buy and hold NMDC, Kesoram, Bajaj Hindustan, EID Parry, Renuka Sugar, Tata Coffee, MSL (500266). We have suggested a new multi bagger to our clients today we see that giving us at least 3 X price from here. We see a good time cycle for all the stocks mentioned here.
SGX Nifty / Nifty Futures Minor Trend is down / bearish/ SGX Nifty / Nifty Futures Major Trend is down / bearish. Use all rise to exit trading long positions. Nifty spot support and resistance for tomorrow is at 7505 and 7820. Next week is a powerful astro cycle zone and many things are possible in the Indian stock markets hence please trade light and do not over trade under any circumstances.
Good Trading To You!