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SGX Nifty 23rd Dec 2015
Nifty today was struggling to move higher as this ongoing move is clearly a corrective wave and yesterday we had mentioned that tactically we have taken a short in 1 part Nifty Jan 7800 Call so did sell around 169-172 levels yesterday and today we have covered part at 142 area (pure risk management and short term trading) longer term you already know from a positional stand point we are very bullish on the Indian Stock Markets rather the only contrarian in the market who is recommending to buy around 7500 in panic with a positional view. Anyways all our clients know very well how accurate our predictions have been but once again I am openly writing that from a positional stand point only buying in panic or at appropriate supports or low risk entry points will any trader or investor make money over the next few months and once again I am clearly saying that this is not a view for the next one week, this is our view for the next 90-180 days.
In the immediate short term though Nifty could be sideways and stuck between 7600-7950 Nifty 50 spot levels mentioned and after doing some time pass in between this range we could see a panic bottom being formed and in that panic we must be buying so please understand what we are saying. Please understand that as per our Indian Stock Market analysis / Nifty Prediction in the short term some up and down movement within a range is possible and I am not saying or denying that. If you are trading only on the basis of this post please use appropriate risk management systems and trade. Position sizing and entry system is going to be very important from a tactical stand point to build longs or if we do see intraday panics possible we may short at higher levels and then buy at lower levels. Hence if you are not our client then please follow appropriate risk management procedures.
SGX Nifty Minor Trend is Neutral. SGX Nifty Major Trend is bullish / positive. Overall buying dips should be done from a positional view or a positional trade. Nifty support and resistance for tomorrow 23rd Dec 2015 is at 7715 and 7861. Break below 7715 then expect fast down move to happen towards 7600. Our advice is to trade in and out for the next few trading days and trade light as volumes will keep declining now as we head into the holiday season. In the immediate term we do not see Nifty moving above 7950-8100.
Good Trading To You!