SGX Nifty 21st July 2015

SGX Nifty

-182.55

Index Last High Low
Nifty Future Error parsing: Query returned empty response Error parsing: Query returned empty response Error parsing: Query returned empty response Error parsing: Query returned empty response
Nifty Future Error parsing: Query returned empty response Error parsing: Query returned empty response Error parsing: Query returned empty response Error parsing: Query returned empty response
CNX Nifty Spot 7879.50 7880.20 7837.70

 

SGX Nifty / Nifty Trend / Nifty Prediction / Stock Market Tips for 21st July 2015

SGX Nifty / Nifty Trend today was down although intraday SGX Nifty / Stock Markets were very volatile. After opening at 8620 SGX Nifty started falling and made a low of 8561 (Nifty Spot Levels Mentioned) and then again recovered towards 8626 and then again fell to close at 8600. Ultratech Cements, Bharat Petroleum Ltd, Asian Paints, Hindalco, Grasim, Mahindra & Mahindra, Wipro, Dr Reddy, Indusind Bank and Idea Cellular were in the green while Punjab National Bank, Cairn India, ACC, Bank Of Baroda, Vedanta, Tata Motors, State Bank Of India, Hindustan Lever, Coal India and BHEL were in the red.

SGX Nifty Minor Trend goes down below 8545 (Nifty spot level Mentioned). Nifty major trend remains down. As mentioned in earlier post inversion has been confirmed and we are looking at both time and price to extend on the downside. (Once again if you have any queries kindly refer to 2nd July 2015 post) a double combination wave is almost done and downside / down cycle started from 4th March 2015 will resume again on the down side. Nifty has resistance at 8672-8720 for 21st July 2015. On the downside supports are present at 8507-8534. (Nifty spot level Mentioned).

As per our analysis we are not in the camp that believes that Nifty is headed back to 9200 (at least for now) Nifty trailing valuations are now almost the same as 9120. With Bad Q1 numbers, stuck political situation we do not see much business being conducted from monsoon session of parliament. Further Fed will begin rate hike cycle in Sept 2015 and we are not expecting Reserve Bank of India to cut rates further in Aug 2015 policy meet. With this current back ground we do not see Nifty / Stock markets running significantly ahead from here in the immediate term.

Bank Nifty / Bank Nifty Trend / Bank Nifty Prediction / Stock Market Tips for 21st July 2015

Bank Nifty is showing negative divergences for second day running means it is near a top and we maintain to avoid this sector. Break below 18961 (Bank Nifty Spot Levels) will create panic in Bank Nifty. State Bank of India, Punjab National Bank look weak from Public Sector Banking space. Bank Nifty could test 17521 over next few trading days.

USDINR Update

USDINR has target of 64.18 in this current move. After 64.18 is achieved we will review what to do next. In the immediate term 63.20 is support and till does not break 63.20 Spot price USDINR will test 64.18. Importers are advised to hedge positions. Longer term we see USDINR at 68-72.

Crude Oil Update

Nymex crude oil has support at 46 and resistance at 72. For this year we see Crude Oil to be range bound between these two prices. Buy near 46-48 and sell near 72.

Sugar Sector Update

From this week Raw sugar prices will start moving higher and that will boost local sugar companies profitability. Reiterate Buy and Hold Sugar Sector. Bajaj Hindustan, Renuka Sugar and EID Parry will give 5 X returns over next 3 years till 2019. Sugar sector in India will be decontrolled by Dec 2016. As of now we are at the bottom of the cycle and from here on a massive bull market will begin in sugar stocks and raw sugar. Most agro commodities will start running up from the second half of this year that includes Cotton, Coffee and Soybean.

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