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SGX Nifty 26th April 2016
SGX Nifty / Nifty Futures today opened flat and most of the day witnessed a slow and steady decline. Nifty today did make a second day of lower low on the daily charts and speed was seen missing but we are frankly not bothered about that for now as overall the top is more or less in place and we could see a sharp falls tarting anytime. There is also a possibility that Nifty consolidates here and then begins a fast down move hence both the situations are possible that direct sharp fall or a consolidation here and then a sharp fall but the bigger important point is that we do not see any sense in being in buying positions now (not even from a trading stand point ) In fact as per our Nifty Future Tips / Nifty Prediction our view remains the same that Nifty will see a very good fall in the near future and the only way money can be made for now is by short selling Nifty Futures buying on dips must be totally avoided as from a larger time frame perspective downsides are totally open and upsides are very restricted. Traders and short term investors who had bought on the lower sides of 7000 area must book profits and be on as much cash as possible if you do not want to short sell Nifty Futures.
On 28th April 2016 Mercury goes retrograde and it is a very important time especially for the banking sector as Mercury (which represents communication) will go retrograde in Taurus (which rules banking sector) and we could see a top in Banking stocks and Bank Nifty anytime around 28th April around 17100 spot Bank Nifty levels. Also from 28th April a important thing to keep in mind would be that there would be ample no of counter trend pullbacks which will be seen from time to time (as mentioned yesterday every 1-5 trading days) Nifty will keep giving counter trend pullback and hence the ideal trade would be to enter shorts at higher side and then again book profits lower and then once again sell on the higher side. Effectively Nifty Charts will be making a lower top and lower bottom (it is possible to see a false breakout also) and during that period it is also possible to see multiple false moves so suddenly out of no where every one will see a sharp pullback on one day and the next day suddenly we will see bloodbath on the streets. The bottom line is that Mercury will breach both resistances and supports till the third week of May 2016 and act like Rahus (North node) younger brother. It will also force deceptions by showing the wrong picture only to show you the actual movie the next day. The only real difference would be this will end up being a extreme short term may be even hour to hour deception. So please keep that in mind and don’t really trust the prices you see on a hour to hour basis.
If we look at the entire picture from a wave perspective then as per our analysis we are now in wave 4 which means that post this wave 4 we will see a sharp move on the down side which will be a wave 5 and that wave 5 will give a massive buying opportunity when it is nearing a end of the wave cycle but the important point to keep in mind is that you will get significantly lower prices to build your portfolio and you will get much higher quality names at very cheap valuations and that will be the time to buy and hold. As of now this is not the time to buy and hold. This is the time to book profits for positions built around 7000 levels. Your patience could be tested but much lower prices are a given to build your portfolio.
Good Trading To You!