Error parsing: Query returned empty response
SGX Nifty Live
SGX Nifty 1st March 2016
SGX Nifty / Nifty Futures today did confirm to us that a bottom is in place and now we are in a bullish cycle. (we have been wrong for the past 200 points with our Nifty trade so kindly take our advise with a pinch of salt, we have been saying bullish cycle a little ahead of schedule) The wave counts that we communicated to our clients (was given last week) and if we see what happened then we can safely conclude that case 2 happened although frankly we were seeing case 1 more likely. SGX Nifty / Nifty Futures Minor Trend is oversold. SGX Nifty / Nifty Futures Major Trend is up / bullish. Buy at current prices and if on dips as the move on the upside will be very fast and sharp. Most of the Indian Stock market participants were surprised by the sharp rise in the prices post the budget speech but what the Nifty has done is that confirmed a faster retracement above the critical 7068 top done in the early part of trade and then the subsequent fall from 7094 to 6869 was with lower speed and with lower volumes which overall confirmed that the main trend is higher and now we will start seeing the sharp bullish cycle. We are once again reiterating our view that this is the bottom for the Nifty in this round and we will now begin a massive bullish cycle. Until and unless Janta starts yelling 10500 we do not see further downside and we expect a sharp bullish move towards 8800-9000. In this round of tezi itself we should see 8200+ so keep that in mind that from now on mandi will not take place. To add to our bullish structure we see all global stock market showing breakout signs one by one and if that is the case then we see India and all other Global stock markets running significantly higher from here. (please dont call me and ask what share market news will come i do not track news flow)
From a short term trading perspective we like Cairn India, IDBI Bank (we did book some profits in IDBI Bank today, regular readers of this website and clients would recall that we had clearly said that IDBI Bank is the best chart of the Banking lot and we had reco buy on dips at 54 INR so it did zoom higher today) also from a short term trading perspective we like Bank of Baroda (we did do some intraday trading in bank of baroda and did make some money but once again we have bought it towards end of trade as overall structure looks best in the Public sector banking space)
Nifty spot support and resistance for tomorrow is at 6826 and 7121. Buy and hold high quality names which are debt free.
Good Trading To You!