Error parsing: Query returned empty response
SGX Nifty Live
SGX Nifty 3rd March 2016
SGX Nifty / Nifty Futures today had another good day and closed up by almost by 2 percent. SGX Nifty / Nifty Futures Minor Trend is bullish / up. SGX Nifty / Nifty Futures Major Trend is also bullish / up. As per our Indian Stock Market tips / Nifty Prediction we maintain our bullish view on the Indian Equities and we see Nifty continuing to move higher by the day, sure minor volatility will be a part of the move but overall we do not see any major problem and overall Nifty Futures will keep moving higher towards our target price of 8800-9000 levels. Most of the Indian Stock Market participants are thinking that the current rally in SGX Nifty / Nifty Futures is due to possible rate cut that could come by the Reserve Bank of India in this week but as we have been saying for some time that reasons will keep coming and Nifty Futures will keep moving higher or may be it could even end up being a “Bina kaarann Tezi” bottom line is that prices will keep moving higher and keep making classic higher tops and higher bottoms.
Nifty today has once again confirmed our larger wave counts are perfectly in the right direction. Let us have a closer look at the internals. As we have been saying that at the end of the day wave counts exhibit a behavior and the current behavior of the wave is showing massive bullish signs as we have been predicting. If we see the previous wave top was at 7253 and on Budget day on 29th Feb 2016 Nifty made a low of 6828 so effectively Nifty took 34 trading hours to fall from 7252 to 6825 and it has retraced the entire fall in less than 12 hours which means that the retracement has happened in faster time in fact less than 1/3rd of the time of the previous move and hence we can conclude that trend has turned totally bullish and higher side targets of 8800-9000 are on the cards. (Please understand that we are predicting this target to come by Aug 2016 and we are not suggesting that 8800-9000 is March series target)
Yesterday we had mentioned that Bank of Baroda looks good from a short term perspective and today we have booked profits in our long positions in Bank of Baroda (we booked profits at 149 INR in the morning). We are also still holding partial long positions in Cairn India and IDBI bank. We still see value in both of them and we maintain that both of them will continue to outperform the broader Indian Indices.
Nifty spot support and resistance for tomorrow 3rd March 2016 is at 7280 and 7425. Use all dips, consolidations and low risk entry points to buy and hold from a positional trading stand point.
Good Trading To You!