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SGX Nifty 13th April 2016
SGX Nifty / Nifty Futures today had another good day of a pullback within a pullback and finally managed to close the day marginally in the green. As per our Indian Stock Market analysis / Nifty Live updates/ Nifty Prediction given to our clients we have clearly been advising not to remain long and in fact from a tactical trading stand point we have started short selling Nifty Futures / Nifty Options at appropriate points as and where we see a entry point, at this juncture we have started and we will add more short selling positions as Nifty Futures / SGX Nifty moves higher in simple words sell the rally and buy again at lower levels. Once again we reiterate that the Nifty corrective move could be mistaken by many traders and investors as a mandi cycle move as it may look like one but as per our wave counts and astro cycle analysis we do not think a mandi cycle is coming we only see a corrective cycle coming in so please keep in mind it is a trade in and out move and not like the previous move where we were continuously long from lower levels of 7150 odd. If we look at the message that Nifty Charts are giving us it is very clear that Nifty Futures is not going to run much higher from here (please note much higher does not mean minor variations can not take place 100-150 points volatility could take place so if you are trading only on the basis of this post then please use appropriate risk management and trade when to sell where to sell and how much to sell what to sell all details have been given to our clients). Overall we do not see Nifty Futures heading much higher from here and we see a correction of 6825-7777 range and then only do we expect Nifty Futures to resume the bullish trajectory. On dips buy and hold MSL, Bajaj Hindustan, EID Parry, NMDC, Kesoram, Tata Coffee, Renuka sugar all these stocks will do very well in the coming time.
Nifty spot support and resistance for tomorrow 13th April 2016 is 7610 and 7792. Use rise to exit trapped or stuck long positions and on lower side buy again for higher side targets of 8000+. Tomorrow is the last trading day of the week and hence as per our advice traders must not take heavy positions home. Trade light as even next week we have a holiday on Tuesday and on all of these days all global markets are working so that could create a gap up or a down move in the next week. Looking at the current scenario it is highly advisable to avoid direct Nifty Futures positions or use appropriate trading strategy to manage risk accordingly. SGX Nifty / Nifty Futures Minor Trend is down / bearish.
Good Trading To You!