SGX Nifty 6th May 2015 Updates 11.49 AM
As told Nifty has completed it’s pullback was consistently recommending that use pullback to exit trapped longs. I hope you would have gained from our advice. Now Nifty is headed well below 7961 we are only awaiting final confirmation for the same once we get final confirmation I will update all details to our clients. We don’t recommend bottom fishing as the fall has just resumed and could last for a few days with such speed on the downside don’t be surprised to see levels on 14th May 2015
SGX Nifty 6th May 2015 Updates
SGX Nifty Futures continued pullback/consolidation along expected lines. SGX Nifty Futures Minor and Major Trend continues to remain down and there is no change in view we maintain our SGX Nifty Futures target of 7961. If Nifty Spot trades between 8400-8500 on Wednesday 6th May 2015 and starts fast fall around 11.37 AM then Nifty will slice through 7961 very easily and go towards 7631 (certain parameters need to be complete for this to happen) we will update all details to our clients live during market hours.
Within Nifty Banks remain the weakest both Private Sector and Public Sector Banks, While Oil & Gas, Metals look good they will outperform in this fall as per our analysis.
We Maintain our Bullish stance on Sugar Sector and use all dips to Buy and Hold Bajaj Hindustan, Renuka Sugar and Eid Parry. As per our analysis these stocks will start zooming up post 10th July 2015. Cement looks very weak could see this sector leading the next round of decline along with Banking.
Gold will have one panic bottom around 22-24 K long term Buyers can Buy and hold physical Gold around those prices. Silver final bottom around 30-32 K long term Buyers can Buy and hold physical Silver around those prices.
USDINR we expect Target of 64.29 and then 64.80 Impex Traders must hedge positions around 63.20-63 all spot prices mentioned. Longer term we see USDINR at 72 (some factors need to give final confirmation details will be given to clients soon)
Crude maintain our Target of 72$/BBL (and that’s why Oil & Gas will outperform)
SGX Nifty Live updates will be given as and when possible
Good Trading To You!