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SGX Nifty 18th Aug 2016
PLEASE NOTE THAT THIS IS MY OVERALL VIEW ON THE NIFTY AND THAT DOES NOT MEAN PRECISE ENTRY AND EXIT POINTS WILL BE MENTIONED IN THIS POST. IF YOU ARE TRADING ONLY ON THE BASIS OF THIS POST PLEASE USE APPROPRIATE RISK MANAGEMENT AND THEN ONLY TRADE. PLEASE DO NOT OVER TRADE.
SGX Nifty / Nifty Futures today continued its sideways consolidation along expected lines finally Nifty closed the day in the green by 44 points. As per our Indian stock market analysis we are very clear that Nifty is headed lower much lower rather it will not be a correction to our understanding it will be the resumption of the bear market that started in 2015 and hence we do not suggest holding longs. Sugar stocks were on a roll today and as we said yesterday itself we will be doing some tactical trades and we have initiated some strategies there. When to buy? Where to buy? How much to buy etc all details to clients. We expect much lower levels and we could also see prices of most PSU Banks loosing 70-50 percent from the current highs. Keep in mind that during this carnage that is about to start we will see some agri commodities moving much higher from current prices. Keep corn, wheat, rice on your radar all of these could zoom but entry and exit prices will be updated to our PAS clients whenever we see appropriate opportunity.
Crude oil has been doing very well and we expect the rally to continue but one pullback can come in that which could be sharp so please be careful if you are long and only trading on the basis of this post. Please manage your own risk as far as our clients are concerned we will update them live during market hours as to what is to be done.
USDINR is headed higher than 70 in the near term so traders must hedge their positions accordingly we do not expect much lower prices from here so those who are saying 63 and are heavily short please be careful. Time cycle is showing that a turn and rather a sharp up turn is coming in the next few days on the upper side which will take INR towards 70 or may be even 72. CAD, Fiscal deficit problems could be sighted for the depreciation later on as triggers but charts are showing that already.
Good Trading To You!