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SGX Nifty 7th April 2016
SGX Nifty / Nifty Futures today opened higher and then spent the entire day consolidating between 7650-7570. Overall it was just another sideways day with not much activity on the index front but a lot of activity was seen in sugar stocks and once again we reiterate that Buy all dips in Renuka Sugar, Bajaj Hindustan and EID Parry. All these three stocks will do very well in the coming time and we will see a min of 5 X returns in them in the next two years time. We once again reiterate that we do not see any other sector with such a risk reward ratio and we see a great time cycle that will give superb returns in these stocks hence we once again recommend to buy all dips in sugar stocks. Regular readers and clients of this website are well aware that we have predicted that Indian Sugar industry will be decontrolled in addition to this we will also see international raw sugar prices move up and that too will help the sugar companies.
As per our Nifty Prediction / Nifty Futures tips given to our clients we have clearly maintained sell on rise and there is no change in that view but please keep in mind that we are short selling just to play the pullback from 6825 to recent highs once that pullback move is done we will once again get into buying positions and trade on the long side for higher side targets of 8000+ (when to buy where to buy when to book profit in short selling positions all details will be given to clients live during Indian stock market hours. If you are trading only on the basis of this post kindly use appropriate risk management and then only trade)
Nifty charts are indicating minor support at 7570 and till this level is held we could see a minor bounce back but as per our analysis based on Elliot wave, Gann wave, Time cycles and astro cycles during that bounce back it will be better to short sell Nifty Futures rather than trying to buy now so please keep that in mind for the next few trading days we do not expect Nifty to move much higher from the recent highs that it has made (sure minor variations are possible but overall we do not see SGX Nifty / Nifty Futures sustaining on the higher side for now)
Nifty spot support and resistance for tomorrow 7th April 2016 is at 7570 and 7820. Use rise to exit positions and short sell Nifty Futures at appropriate points. Use dips to buy and hold MSL, sugar stocks, NMDC, Kesoram.
Good Trading To You!