SGX Nifty Futures 15th May 2015
SGX Nifty Futures was choppy today. Within Nifty Futures Hero Motors and Bajaj Auto were outperforming, while Lupin and Vedanta wee under performing the Nifty. As per Our Nifty Prediction, SGX Nifty Futures major and Minor trend remain down there is no change in view as of now. Nifty Spot resistances are present around 8320-8350, unless Nifty spot is stable above 8350 there is no point in trying to Buy into this market on the contrary we maintain to use any pullback to exit stuck positions. If 8350 is crossed then we could see a rally towards 8651-8750 (even if it comes higher to 8650-8750 Major trend will still remain down). If Breaks down below 8120 Nifty Spot level on 15th May 2015 will take Nifty Futures in super sonic speed to 7631.
Bank Nifty Futures also both major trend and minor trend remain down. Bank Nifty Futures has resistance at 18216-18300 Bank Nifty Spot Levels mentioned this area needs to watched very carefully if Bank Nifty gets stuck and looses momentum between this area then expect mayhem in Bank Nifty Futures to play out within May series itself. As I have said before current bear cycle has started on 4th March 2015 (we were clearly advising our clients to get out of the markets and start shorting or stay on sidelines) anyways this cycle is due for bottom on 10th July 2015 and hence we don’t see Nifty Futures major rising trend before that.
Within Bank Nifty Futures Axis Bank has a very important time cycle resistance between 15th-18th May 2015. If it gets stuck then 430 Nse Cash Levels can very easily come (when to sell where to sell how much to sell I will update live during market hours to clients)
USDINR touched our target of 64.29 and since then we are expecting a pullback towards 63.20-63, our advise and recommendation Is to hedge positions around these prices (details to clients) but it will pay in short to medium term to hedge positions (for Impex Traders). We have got secondary confirmation and are now only awaiting final confirmation for Target of 72. Yes 72 to $ I will update more whenever we get final confirmation for the same.
April Whole sale price index numbers were released today and numbers came in at -2.65 percent. Most people in the market are expecting a rate cut by RBI outside the policy however we don’t think it would be a good idea to do so right away as impact on currency would be very bad, that would push rupee even lower from current levels. With Fed expected to start rate hike cycle within the next three months which means stronger US$ globally and weaker rupee
Cotton is another commodity I am bullish on it has good support at 64.5 (comex levels)
Our top sector to Buy for medium term is Sugar sector we maintain our Buy on Bajaj Hindustan, Renuka Sugar and Eid Parry. We maintain these stocks will give 5 X returns over next two to three years by 2019. Accumulate them on any decline.
Crude Oil we maintain our Bullish stance for now with short term target of 72$/BBL
SGX Nifty Live Updates will be given as and when possible. For details of our services or customized services feel free to call 9222294707.
Good Trading To You!