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SGX Nifty 1st April 2016
SGX Nifty / Nifty Futures today opened higher today on positive global cues but could not hold on to higher levels and then in the later part of the day touched levels of 7700 overall it was a volatile day with prices moving fast between 7777-7700 spot Nifty levels mentioned. As per our Nifty Prediction / Nifty Futures tips we once again reiterate that we do not see Nifty sustaining on the higher side nor do we expect any further significant upsides from here. Does that mean Nifty will not cross 7800? It may well cross 7800 but will it sustain above 7800? The answer to that is probably not. Please understand our view very carefully all we are saying is that Nifty move from lower side levels of 6825 to the current highs is going to be retraced and it is not the start of a mandi cycle (Nifty will just see a minor cool off). It will just be a pullback within a bullish cycle that we have started on 29th Feb 2016 but before that cycle resumes we will be a correction of the entire move and hence we do not see any logic or sense in being long here for now rather from a tactical stand point it will make a lot more sense to short sell Nifty Futures and then get into buying side again at lower levels. Please further understand that we are not calling the exact top nor do we intend to do so but we just are emphasizing that being long here or fresh buying here is not a logical thing to do hence booking profits and then buying lower or even short selling Nifty Futures at appropriate points and then buying lower will be a more logical approach to the Indian Stock Markets especially with the results season about to start (initial estimates of companies we are tracking are showing extremely pathetic numbers to say the least)
Yesterday sugar stocks did very well and as regular readers and clients of this website are well aware that we are very bullish on the sector and especially Renuka Sugar, EID Parry and Bajaj Hindustan. We still maintain that these stocks are a buy on dips and we are still recommending these stocks to be accumulated on dips since we see at least 5 X returns in this sector as per our analysis we have not even started the real bullish cycle in sugar stocks that we are seeing. Reiterate Buy and Hold Renuka sugar, Bajaj Hindustan, EID Parry on dips.
Nifty spot resistance and support for tomorrow 1st April 2016 is at 7810-7780 and 7610. From a short term trading stand point we are not recommending any fresh buying positions for now and on rise we will be selling Nifty Futures for pullback of 6825-7777 area. Longer term after this pullback is done we will see 8000-8250 and all the higher side targets that we have been predicting but now it will be a break or a pause in the bullish cycle for the next few days or may even for most part of April 2016.
SGX Nifty / Nifty Futures Minor Trend is down / bearish. SGX Nifty / Nifty Futures Major Trend is also down / bearish. Use risk to exit or short sell positions.
Good Trading To You!