SGX Nifty 31st March 2016

SGX Nifty

LTP  8,576.00   -128.00   -1.49% High 8,710.00 Low 8,546.50

SGX Nifty

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SGX Nifty 31st March 2016

SGX Nifty / Nifty Futures today opened higher following positive global cues and then went on to have a very good pullback. Nifty finally closed the day well in the green up by 140 points at 7737 spot Nifty Levels mentioned and almost retraced the entire fall seen on Monday but the important point that we were tracking is time taken to come near the previous top. As per our Nifty Prediction / Indian Stock Market tips / advice we do not see any bullish move nor do we see any significant levels on the higher side for now (all higher side levels of 8250, 8000 etc will come but we do not see that happening for now) Before we see any further higher side levels as per our Nifty Prediction  we see a downside move or rather a correction of the move of 6825-7740 area (Please note minor variations are possible but we do not see much higher side move from here) . We do not expect a mandi cycle move but it will just be a pullback of 6825-7740 area (the pullback can also be of 600 points even that is possible or even as less as 320 points but either ways we do not see the Nifty rally moving higher from here directly)

If we look at the overall structure from a wave perspective then on Monday 28th March 2016 Nifty opened at 7740 and started falling from there and then made a low of 7582 yesterday so effectively if we see Nifty has taken about nine hours to fall from the high of 7740 to low of 7582 and the pullback from 7582 has been with lesser speed over 12 hours now and yet 7740 still is intact so we do not see Nifty moving higher from here as per our wave studies (Minor variations are possible but broadly the rally is done) are concerned. Also Nifty Futures made a high of 28th March 2016. Regular readers and clients of this website are well aware that that was a lunar cycle topping day and also it was just preceded by 3 major astro cycle topping signatures hence we have to understand that Nifty made a high of 7740 around a topping time band further we do not expect any major time cycle to interfere before 20th April 2016 and it will be safe to conclude that Nifty wont move much higher from here.

If we take a look at the sentiment indicators most of the traders who were selling from 7150 onwards were stopped out at 7600 and now they have adopted a buy on dips strategy. The important point is lack of momentum which we mentioned a few days back above 7600 when the breakout did happen. If this was the real move then Nifty would not have been sluggish after 7600 spot Nifty was taken out the sluggishness itself showed that Nifty will not move higher and that is when we did see exit signals on our system and then we got out of our positional trading long positions bought between 7100-7250 area. So now we see a inverse happening.

Nifty spot resistance and support for tomorrow 7740-7780 and 7610. Break below 7610 then we could see a fast fall in the Indian Stock markets as move on the higher side is sowing classical bull trap signs. SGX Nifty / Nifty Futures Minor Trend is down / bearish. SGX Nifty / Nifty Futures Major Trend is also down / bearish.

Good Trading To You!