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SGX Nifty 28th July 2016
PLEASE NOTE THAT THIS IS MY OVERALL VIEW ON THE NIFTY AND THAT DOES NOT MEAN PRECISE ENTRY AND EXIT POINTS WILL BE MENTIONED IN THIS POST. IF YOU ARE TRADING ONLY ON THE BASIS OF THIS POST PLEASE USE APPROPRIATE RISK MANAGEMENT AND THEN ONLY TRADE. PLEASE DO NOT OVER TRADE.
SGX Nifty / Nifty Futures today was volatile within a small range. We did do some intraday trades and booked profits in them. As per our Indian stock market analysis we are very clear that we see the resumption of the bear market that started on 4th March 2015 as we are very clear that the current move is actually a ongoing part of that same very move / wave that started on 4th March 2015. We are now in a matured stage of the pullback that we were expecting from lower side and we expect Nifty to start its bear market journey towards unimaginable levels / targets on the down side. We expect and see massive price erosion in Banking stocks and we feel that the banking sector could lead the rally on the downside but we will confirm that at a later stage. We are also holding shorts now in one of the PSU bank and we did do some trading of in and out short but we still continue to remain net short in the PSU Banking space. In the coming time we see massive NPA problems coming up for all these banks both PSU and Private sector banks. This is one sector that you must not have at current prices.
From a investors perspective all our recomended stocks have done very well in the past few months. Renuka sugar did give a breakout todayand we did see prices moving higher in style. We expect Renuka sugar to continue to do well in the coming time also. Ugar sugar too has given excelent returns since we initiated buy on the stock at 23. The stock has given 200% return in just a few months. Maharashtra scooters ltd also has done very well. Tata coffee is also doing good and we continue our bullish stance on all of them. Besides the stocks mentioned here we are not recomnding holding stocks or risk on assets.
FED meeting is one of the most important event for many but we do not see that as a event as we are very clear that the rate hike trajectory is in place and we see FED increasing rates shortly so keep in mind that sooner than later the rate hike is coming and that will trigger EM outflows.
Good Trading To You!