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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.
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!