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SGX Nifty 3rd Feb 2016
SGX Nifty / Nifty Futures today opened flat and till Reserve Bank of India announced its bi monthly policy was stable and sideways but after the Reserve bank of India policy meeting we did see volatility begin to pick up and in second half Nifty did start a fall as Predicted. Nifty spot resistance is at 7611 and support is at 7385 Nifty 50 spot levels mentioned. As per our Indian Stock Market analysis / Nifty prediction we see Nifty moving below 7300 during the next few trading days and forming a bottom between 7150-7300 (minor variations are possible please keep that in mind). Today was a perfect Rahu (North Node) signature day. Despite all reasons known to everyone somehow everyone was expecting some positive news from the Reserve Bank of India (prefect deception wasn’t it) anyways now that the policy meeting is a done deal we see buying opportunity below 7300 spot Nifty levels. It must be kept in mind that buying below 7300 must be done in a staggered manner or at low risk entry points or on consolidation and breakouts whatever you how however you do trade will be only on the buying side as Nifty is now in the final leg of the down cycle and once this down cycle ends we see a powerfull bullish cycle starting. So once Nifty nears or moves below 7300 we should start buying positional trading longs for targets of 8800-9000. As we have been saying the safest way to trade this bullish cycle will be by selling march puts and then holding on to them. If you are a small trader then consider buying Nifty 7100 March calls once Nifty moves below 7300. (when to buy, what to buy, how much to buy all details will be given to clients)
Please keep in mind that next 2-3 trading days could be very volatile so the best trade will be to only trade in one direction and that is on the long side. Buy good high quality stocks around lower levels and hold them. Avoid banking space totally for God sake. Do not try to bottom fish banking stocks around lower levels please and avoid buying at higher levels as per our analysis we should get lower prices below or around 7300 so still do not be in a haste to start buying.
Good Trading To You!