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SGX Nifty 4th May 2016
SGX Nifty today opened higher in morning and touched 7890 (Nifty 50 spot levels mentioned) finally Nifty closed the lower at 7743 down by 63 points. At one point in the morning everyone was again talking about Nifty Futures heading for 8100-8400 and look at what happened in the second half of trade. Thanks to principles of financial astrology and overall wave counts we knew from the very beginning that this is just a pullback which will end up as a lower top. Regular readers and clients of this website are well aware that Mercury is currently undergoing retrograde motion and whenever such a retrograde move does take place in Taurus which rules the Banking sector we do expect that such pullback will keep coming from time to time hence we had clearly predicted that as per our historical analysis of this astro cycle we have seen a pullback coming in every one to five trading days but those pullbacks must be used to get out of longs or short sell Nifty Futures as eventually when seen on some larger time frames it will just look like a classic lower top on Nifty Chart / Nifty Share Price. We wont be surprised to see Nifty closing the week at 7500 also.
As per our Nifty Futures Tips / Nifty Prediction our Nifty View remains the same. There is no change in our Nifty view / Nifty Prediction at all. What Nifty Chart is just confirming every day is exactly what we have been anticipating and Nifty Share Price is exactly moving lower making classic text book style lower tops and lower bottoms. A word of caution please keep in mind that the down move has just started and we do see Nifty Futures still loosing sufficient ground even from here hence do not attempt any bottom fishing or start buying on dips. Nifty Target for this move is much lower from here. We once again maintain that more than targets the direction of the move is more important and right now the direction is down and there is ample time remaining for this particular down move to end.
The next important date to watch out for is 9th May 2016. Jupiter goes direct and Mercury is also at its mid point of retrograde motion and hence we could see some minor pullback around those dates if we do see a minor pullback then from a tactical standpoint we will just book profits in our Nifty Futures shorts and then reenter shorts on higher side.
Use dips to buy and Hold Bajaj Hindustan, Eid Parry, Renuka Sugar, Tata Coffee and Maharashtra Scooters Ltd (500266). All these stocks will do very well in the coming time. Nifty spot support and resistance for tomorrow is at 7900.
Good Trading To You!