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SGX Nifty Live
SGX Nifty 18th March 2016
SGX Nifty / Nifty Futures today opened higher in the morning post positive statements / dovish policy by FED. In the Morning we booked out on some positions and then reentered those positions around 7500-7495 area during the last few minutes of today’s trading. Most traders and technical analyst will look at the current technical picture today and talk negative and say that there is a bearish candle formed on the daily charts of Nifty Futures but as per our understanding this is a on going correction within a up move and since once again we look at the volumes and speed of the fall for understanding the larger picture. If we see the speed of the decline was slow it took full day for the Nifty to come back to the support area and yesterday from the lows of 7405 it just took four hours for the Nifty to move back right up to the top of 7583. If we look at the previous move top that was made on 14th March 2016, so in a nut shell the previous top was once again crossed in much faster time, if the previous top was crossed with higher volumes and in significantly lower time (less than 1/3 time) means that Nifty is headed higher that is what Elliot wave or Gann wave essentially says, also if we look at the volumes during the fall it was clearly showing that bears are running out of steam it is talking them way too much time to push the market lower hence we can safely conclude that Nifty is headed higher from here and not the other way round at least for now. If add sentiment indicators open interest data is showing us that shorts have been aggressively added and that means that one round of short covering is going to come and in that round we could see 7700-7800 levels in extreme speed as everyone has a common stop loss and common trade. As we have been saying if everyone is having the same trade Nifty will not oblige as the general rule goes 98 percent people in the market always end up loosing money so if 98 percent people are short and all of them have the same stop loss then how will the market fall lower? (please ponder over it)
As per our Indian Stock Market tips / Nifty Prediction we do not see any significant downside in the Indian stock markets for now at least and any dip or consolidation is a clear buying opportunity. Towards 23rd March 2016 we could see much more higher levels and once shorts are covered we will see how much more steam Nifty has for higher side levels. Use all dips to buy and hold sugar stocks and especially Bajaj Hindustan, EID Parry and Renuka sugar. As regular readers and clients of this website are aware we are extremely bullish on sugar stocks and we see massive gains in this sector in the time ahead. So buy and hold every dip the moves that will happen in this sector will stun most of the veteran investors of Dalal street. (some extremely savvy investors have started buying sugar stocks so they could start the show very soon in this sector)
Nifty spot support and resistance for tomorrow is at 7400 and 7610. Move past 7610 see super fast move towards higher side targets as mentioned. SGX Nifty / Nifty Futures Minor Trend is up / bullish. SGX Nifty / Nifty Futures Major Trend is up / bullish.
Good Trading To You!