SGX Nifty Futures 13th May 2015
SGX Nifty Futures terminated pullback today just before our resistance zone as per our Nifty Prediction and Nifty Trend we were very clear that sharp down move could resume from around 8350-8590 however SGX Nifty Futures is so weak it just turned before touching 8350 and started collapse. Today evening post markets close we had IIP (Index of Industrial Production) and CPI (Consumer price index) data that was released. Frankly I don’t see SGX Nifty Futures changing its Trend as of now Nifty trend is down both Major Trend and Minor Trend. In the past two trading days we have been categorical that use rise to exit positions as we don’t see pullback lasting for long time hope you have followed our advice and got out of longs and profited from our advice. SGX Nifty Futures target on lower side is 7961 if certain criteria’s are complete before 14th May or 15th May 2015 then we will revise target lower to 7631. Within SGX Nifty Futures Vedanta, Icici Bank and Bhel were dragging it lower while Hero Motor’s was outperforming for today. Nifty Futures is sell on rise any rise towards resistance points we must be selling by the end of this week it’s very likely that we will touch 7961.
Although Met Dept says monsoon will be good we don’t think harvesting season will be good, production falls in agro commodities are highly likely as per Financial astrology longer term cycle charts. Sugar, Cotton have already bottomed as per prices are concerned and we see sharp price rise over the next three years in most agro commodities. Hence Buy Sugar stocks for now accumulate and see them running post 10th July 2015
Bank Nifty Futures also terminated its pullback and started fresh downward move as per our Bank Nifty Prediction and Bank Nifty Trend both major and minor trend remains down and pullback / bounce back is over. Within Bank Nifty components I have said Axis Bank, yes Bank and Icici Bank are weakest and if Axis Bank breaks low made today then expect mayhem there. I won’t be surprised to see Axis bank at 480 Nifty Spot levels by May 28th 2015 (Expiry day)
USDINR has given us secondary confirmation of down move and we are awaiting final confirmation if that final confirmation comes then USDINR Target would be 72. (Yes 72)
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