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SGX Nifty 1st Feb 2016
SGX Nifty / Nifty Futures today zoomed higher by 136 points and finally closed the day at 7563 spot Nifty levels mentioned. SGX Nifty / Nifty Futures Minor Trend is neutral. SGX Nifty / Nifty Futures Major Trend is up / bullish. As per our Indian Stock Market analysis / Nifty Prediction we are very clear that the current move is a pullback as most of the criteria does not look to be complete. For e.g. Nifty spot made a low of 7241 on 20th Jan 2016 and today 29th Jan 2016 made a high of 7574 so in seven trading days Nifty has moved up by 333 points and that is 47.5 points average per day now that is not very fast. Secondly the volumes have been missing on the higher side if this was the real bullish move that we were expecting then Nifty should have shown addition of volumes at every rise but that has also not happened. Rahu (North Node ) is changing house between 30-1st Feb 2016 and Rahu is a master of deception so today it has forced everyone to cover shorts and go long (which is actually the right move ) but in the first week of Feb we expect it to deceive everyone and force everyone to exit their longs and it will force them into shorts. In order for that to happen we expect 7241 to be taken out during intraday trade and then a sharp rally will begin towards 8800-9000 after that panic. During the final panic that we will see in the next few days shorts if any must be covered and buying must be done on all dips below 7300 in a staggered manner or at low risk entry points or on consolidation and breakout. Also the advance into 29th Jan 2016 has perfectly happened on a level 1 lunar cycle reversal day and technically a simple Gann wave rule also shows that we are ending the pullback around here. “Previous tops will act as supports and previous bottoms will act as resistances” Traders and investors may recall that before 7500 was taken out Nifty held the area of 7580-7530 on 3-4 occasions and hence a decline from here to complete the down cycle will perfectly fit the rule.
Nifty spot support for tomorrow 1st Feb 2016 is at 7389 and resistance is at 7630. Avoid fresh longs now and wait for decline to buy and hold. From medium term perspective we are very bullish for targets of 8800-9000 but from a short term perspective we see 7241 being taken out or at least 7300 being breached.
Good Trading To you!