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SGX Nifty Futures 9th Nov 2016
Nifty Futures / SGX Nifty once again continued its range bound movement and continued the current pullback that is going on. As per our analysis we are of the view that the current pullback that is going on will not last on the upside which is regardless of the US Presidential Election results in which as per our understanding markets have more or less priced in a Clinton win which simply means that prices will not sustain on the higher side regardless of whoever wins the elections (Does that mean that we can not see some more pullback? sure we can see some more pullback) and at the same time pullbacks will keep coming from lower side levels like the pullback which came in from 8400. Please let me reiterate once again that from time to time we will keep taking tactical trades to trade the bounce back or pullbacks but also keep in mind that those pullbacks will not sustain and the wave target for this current move is 8167 and the final target is 5872. When we say final target of 5872 that does not mean that pullbacks will not come, we are very clear that there will be some major pullbacks also in between the down move and in that pullback we will trade on the long side and exit but after that pullback markets will keep moving lower again so please understand our view properly. If you are only trading on the basis of this post please use appropriate risk management and then only trade. Please do not over trade and manage your trading risk at all times.
Whenever we see that the current pullback ends we will once again take trades for targets of 8167 in the near term. So please keep in mind that we are not bullish and at the same time we will trade long when we see the pullback or we get a good risk reward opportunity.
Good Trading To You!