SGX Nifty 29th Sept 2015

SGX Nifty

-178.32

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 / SGX Nifty Futures / SGX Nifty Charts / SGX Nifty Live / Nifty Trend / Nifty Prediction / Stock Market Tips for 29th Sept 2015

SGX Nifty opened on a flat note today morning after a mixed trading day last Friday in the USA. We did see inter market divergences in USA on Friday with Dow closing in the green by 113 points while Nasdaq and S&P 500 closed flat. Finally Nifty closed the day lower at 7795.70 down 72.80 points.

Yesterday we clearly mentioned this “Our view is that we do not see Nifty running significantly higher from current prices and the pullback that started from 7723 day before yesterday on 24th Sep 2015 will be ending shortly and as per our analysis we see the fall to resume anytime. It does not make sense to be buying rather it will make lot more sense to sell on rise towards small stop points or towards resistances”.

Overall the trading day today was totally lackluster till 2.40 PM with Nifty consolidating between 7891 and 7830 but after 2.40 Nifty started sliding based on weak European cues. Volumes were low today in the first half and then started picking up towards the end on the downside (higher volumes on downside means upside ways corrective we did see speed on the downside means down cycle is about to resume). As per our Nifty Prediction / Share Market Advice given to our clients our view is very crystal clear. The Pullback that started from 7723 is clearly a corrective wave and we do not see Nifty sustaining on higher side hence if we do see any rise it will be better to sell at appropriate points / levels. Mercury Retro has crossed its midpoint and now in the next two trading days we will see volatility coming down. Hence after Wednesday 30th Sep 2015 we will be changing trading strategy. All details and updates will be given to clients.

SGX Nifty / Nifty Futures Minor Trend is down. SGX Nifty Major Trend is down. Nifty support and resistance for tomorrow is at 7701 and 7935. If 7662 breaks before 11.45 Am then we will see 7552 tomorrow. Nifty 50 Spot Levels Mentioned. Retrograde Mercury will be forming a conjunction to Sun on Wednesday 30th Sept 2015. Impact of the same will be discussed later.

USDINR Update

USDINR Minor Trend and Major Trend remain up. We once again have advised our clients to remain hedged in USDINR as in this current round we are having a target of 68.40 Spot. Overall longer term targets are 70-72 and we do not see any change in overall structure as of now. Importers must remain hedged totally at all times for next 2-3 months or at least till 25th Nov 2015.

Reserve Bank of India Policy Update for 29th Sep 2015

As per our analysis / assessment of all macro and micro factors of the Indian Economy we are expecting a 0.25 Bps rate cut in Repo rate by Reserve Bank of India tomorrow (29th Sep 2015) However what is more important is what the RBI say’s or guides on further rate cuts i.e. is it in accommodating mode to and will look to cut rates further in this year or will it halt for the time being and now further rate cuts will depend on data and other macro economic factors. As per our analysis we feel the commentary / guidance which is more important than the policy itself will be hawkish and it will be clear that at least in the next 2-3 months we will not be seeing any further rate cuts unless and until Govt of India starts cutting excise duties on Petroleum Products to reduce the Net cost of Petrol, Diesel, LPG and ATF to force CPI lower and In turn force RBI to cut rates. Hence a hawkish policy on further rate cuts will force Nifty lower. We do not see a 0.50 Bps cut tomorrow as that will create massive pressure on INR and if that happens INR will go tumbling towards 68.40 (Hence even if RBI obliges with 0.50 BPS rate cut fast depreciation in INR will force Nifty lower significantly )

SGX Nifty Futures / SGX Nifty Charts / SGX Nifty Live updates are given below for ready reference.

Good Trading To You!