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SGX Nifty 2nd May 2016
SGX Nifty / Nifty Futures was more or less flat for the day but we did see volatility starting to pick up and whenever volatility starts rising after a rising trend it is a sure sign that trend is changing or just has changed. After moving higher in the morning Nifty went down all the way to 7788 and then again started a pullback from lower levels. As per Nifty Future Tips / Nifty Prediction we are continuing with our Positional Nifty Futures / Nifty May Calls Shorts and we do not see any change in our overall structure or wave counts on the contrary the overall price behavior and movements are suggesting exactly what we have been anticipating as per our overall analysis. Nifty today has further given us another break down confirmation by breaking the 7820 area which was the previous move bottom (some may call it demand area, some Elliot wave guys may call it swing bottom but the bottom line is in our studies is that it was taken out in faster time vs the previous up move) and we do not see any major upsides. Pullbacks if any like the ones we were seeing towards end of trade must be used to exit trapped long positions or short sell Nifty Futures. Please understand that as per our Nifty View the down side move has just started and we do not expect that to end anytime soon when to get back into buying positions we will update all details to our clients at an appropriate time but for now our view remains that investors must remain on as much cash as possible and Traders must not be long and on pullbacks which we could see on a regulate basis due to Mercury Retrograde those pullbacks must be used to exit and short sell Nifty Futures.
Nifty Share Price / Nifty Chart is clearly sending out one message that a near term top is certainly in place and now we can see a good down move and it is not only the price, volume behavior that is suggesting this it is also various other parameters like trialing PE which are sending out the same message. So avoid longs for now and on rise sell on dip cover and reenter short selling positions on rise again. Keep in mind that since Mercury is now retrograde in Taurus we will keep seeing minor counter trend pullbacks on a regular basis.
Nifty spot support and resistance for tomorrow is at 7710 and 7910. Use dips to accumulate sugar stocks, MSL (500266) and Tata Coffee. All these stocks will do very well in the coming time.
Good Trading To You!