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SGX Nifty / Nifty Trend / Nifty Prediction / Stock Market Tips For 10th July 2015
SGX Nifty / Nifty Trend today was flat. Nifty 50 opened at 8367 then made a high of 8400 and started falling and made a low of 8323 and finally closed at low point 8335. BHEL, LT, Hindalco, Hero Motors Corp, Punjab National Bank, Bank of Baroda, ACC, Bosch, tech Mahindra, and NDMC were pulling the Nifty 50 higher while BPCL, Vedanta, TCS, Infy, Tata Motors, HCL tech, ONGC, Cairn India, Wipro and NTPC were dragging nifty 50 lower today. Nifty resistance for 10th July 2015 is at 8425-8410/ Any pullback towards 8410-8425 should used to sell into. (when to sell how much to sell all details will be given to clients if you are trading just on the basis of this post kindly manage risk and then only trade)
Since 4th March 2015 we have been advising that down cycle started on 4th March 2015 will not end before 10th July 2015 and may even extend towards august 1st week or may be even August 2nd week. SGX Nifty Minor Trend remains down Major trend also remains down and there is no change in view. We maintain our target of 7899. (Details of Inversion have been clearly explained on 2nd July 2015 post) kindly refer the same for details on inversion. We maintain to use any pullback to exit delivery longs in stock market and derivative long positions in stock market. Some individual select stocks are looking to outperform Nifty 50 and we will buy longer term delivery when this current down cycle ends (Price 7899 and time both have to be complete)
Bank Nifty Trend / Bank Nifty prediction / Stock Market Tips for 10th July 2015
Bank Nifty trend today was flat. Bank Nifty opened at 18442 and closed flat for the day. Within Private Sector banking space Axis Bank looks the weakest and we have been very clear to skip this sector for investment as of now. We have been recommending that Banking stocks do not look good both technically and fundamentally. With Q1 numbers coming out we are expecting worsening of asset quality and issues on the NPA front in all banking stocks. From Public Sector Banking space Punjab National Bank looks the weakest.
Crude Oil Update
Nymex Crude Oil has support at 46/48 and we maintain our view that overall will be sideways between 72-74/46-48 $/BBL. Since crude oil is at the lower end of the trading range it will be a good opportunity to Buy Oil & Gas stocks (we will be buying only after we see visual confirmation of the trend changing and in this current round we can expect Crude Oil to touch 72 $/BBL) Natural Gas also looks good from the next 45 days purely for trading) Natural gas may move up significantly post 15th July 2015 till Aug 23rd 2015. Spike of 15-30 percent is possible. Traders may buy crude around 46-48 $/BBL
USDINR trend is positive. We see USDINR well ahead of 68 by Diwali and we have been consistently advising / recommending to hedge any import positions as we do not see 63.20 Spot breaking in USDINR. In this current move we are expecting a target of 64.18 Spot for USDINR. At 64.18 we will review USDINR trading position.
For details of our advisory services please feel free to call me on 9222294707.
Good Trading To You!