SGX Nifty 17th Oct 2016

SGX Nifty

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SGX Nifty 17th Oct 2016

SGX Nifty / Nifty Futures today was seen consolidating after the fast fall yesterday. As per our analysis we do not see any significant upsides from current prices and we see that trend remains down.  Keep in mind that sharp pullback will come from time to time and we may choose to trade them but overall prices will keep trending lower and we expect price charts to keep making lower tops and lower bottoms and we do not see any change in that trend for now at least.  Once again we reiterate that we do not think buying at these levels from a investment point of view will make any money over the medium term.

In the near term sharp zig zag movements are expected with a downward bias so selling on rise will be a good strategy. We do not see any one side movement rather it will be volatile and very choppy in the coming days. We are very likely to see sharp swings in both directions to adjust positions accordingly. If you are only trading on the basis of this post please use appropriate risk management and trade. Please never over trade.  Longer term we see Nifty well below major swing low made in Feb 2016 and we eventually see Nifty at 5872 also but please do not expect that level tomorrow morning.
Unless you trade in and out we do not see anyone making money over the next few days.

The star performer for the day was our investment call MSL regular readers and clients of this website are well aware that since the time we suggested the stock at around 1100 INR the prices have moved higher by almost 72% and that too in less than a year and this is the kind of identification we do. We always will recommend only pure value stocks in our multibagger stock calls.  We will continue doing the same kind of research and keep identifying more stocks like these.  We are in the final stages of identifying the new multi bagger and we shall update the same to our PAS clients shortly.

Sugar stocks will continue doing well we maintain our buy and hold on Renuka sugar, Bajaj Hind and Ugar sugar all these stocks will do very well in the coming time and we do not see any change in our predictions about the targets for the same.

Silver we maintain our accumulate call and we see silver moving much higher from current prices. We see good value in silver from current prices. Gold also we see support at 1244 and till 1244 holds on a closing basis we can see 1480 on the higher side. We do not think that Gold is heading below 1000$ for now at least at a later stage we will reevaluate but as things stand as of now we do not see Gold going below 1000$ for now. Traders can buy around 1244 area with stop loss. Crude has a crucial resistance around the 52$/barrel mark and until and unless prices do not move beyond 52.50 we do not think fresh longs must be taken in crude oil futures. If sharp fall begins in crude oil we could see 47$ in the near term so avoid aggressive positions in crude oil for now.

Good Trading To You!

60 thoughts on “SGX Nifty 17th Oct 2016

      1. Hello Sir, i am reading your blogs for almost 1 year, though I have not taken a single trade based on the information given in your blogs, but i am just in awe of you. You predicted nifty will hit 9k when it was hovering around 7k and now you are predicting close to 6k may be in 4/5 months time. Also your predicton with respect to MSL and sugars were outstanding calls.

        I hope you guide “the normal ppl” like us for long and I hope to take few trades based on your inputs in future.

  1. Once again you have proved your skills. Form is temporary but class is permanent and you are in the elite class. God bless you Glen sir always.

    1. Well said,one additional point observed in past few days is mallav sir’s calm and simple replies to the critical comments. That require guts and real patience. Hats off sir, and may you keep achieving more success in time to come.

      Regards
      Anpat2015

  2. Seems strong supports from 8550 till 8300. At 8300 strong support will be 8200 and 8000. At 8k it will be 7800. At 7800 it will be 7500. Lol

      1. NIFTY…once u had said in ur blog that when downside will start nifty will start under performing its global peers….

  3. Respected Sir,

    Russia giving a sense about War. Yesterday it was more.

    Do you feel it gives a collapse for our Nifty and World Markets

  4. Had not expected Nifty will test 8530 in this down move buts its testin, still 8530 is held. Let’s ssee if Nifty sustains below 8530, if it reverses I think we can some sharp pull back as you mentioned in the thread.

    Regards
    Anpat015

      1. Yes sir, I had expected Nifty will retrace from 8570 to 8700 and in next move will break 8530 but it has broken today itself. I guess this officially puts an end to the rally which started from 7930 in Nifty post brexit. Nifty should head towards 7930 in near time. From here on would be only shorting markets on every rise. Thanks for your valuable inputs.

        Regards
        Anpat2015

  5. Hello Sir,

    Please suggest, shall I keep hold on with Dec@2016 put of 8000 avg. @55?

    I will manage the risk involved with SL.
    I have appetite of adding/averaging more.

    Regards,
    Dheeraj

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