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SGX Nifty / SGX Nifty Live / Nifty Futures / Nifty Chart / Nifty Live for 10th Nov 2015
SGX Nifty gaped down today in line with what was expected by us and we have primary confirmation of a higher bottom in place we still have to get visual confirmation of secondary and final bottom. As per our Stock Market Analysis / Nifty Prediction If you go back and read our previous post we had amply clearly mentioned “Bottom is not done” and those who would have understood that would have been rewarded handsomely. We also had clearly mentioned that we see Nifty making a higher bottom and then resuming of the upward trajectory that started on 29th Sep 2015 and we maintain our view and I know the smartest minds in the Indian Stock Market have now a consensus in their mind and that is Nifty will find it difficult to move significantly higher now and whenever there is consensus and as per western astrology Venus and Mars are in the same house followed by terminal wave pattern Nifty has always moved 7-10 percent in the opposite direction. Make no mistake I am not sharing my view here I am just updating a historical correlation. (When To Buy What to Buy How Much to Buy has been communicated to our clients today at 9.10 AM and I am sure all of them if followed our advice have made good money even today). We once again reiterate our view that Nifty will test 7200-7400-6800 but it will not happen in this current move. Before those levels come all traders and investors will be super bullish talking of targets like 9000-9500 but we don’t see that coming as of now. Our targets for current move are 8600+ and then we will review from where to exit and short the Indian Stock Market / Nifty Futures. From current prices or today low we do not see significant downside now on and all panic must be used to buy into. Lot of traders / clients are asking us what will be the trigger for this up move ? Really I don’t know what will the trigger however it could be the FED. We are expecting some positive commentary from the FED around 12th Nov 2015 as soon as Mars changes its position and moves to Libra. Nifty time cycle support ends today and a higher bottom will be in place in next 2 trading days or may today’s bottom is the higher bottom as I said we still need some more visual confirmation hence our Stock Market advice is to avoid short selling now. The risk reward is not in sellers favor as of now.
As far as the Bihar election results are concerned we always have maintained that Governments have nothing to with the economy so there is no need to over react to what happened yesterday. The Govt may act as a catalyst for growth sometimes due to intense policy / reform action but that happens once in a while and not every day. The fact of the matter is Stock Markets and asset classes move in their cycles of ups and downs and Indian Stock Markets since 1991 have always been outperforming or underperforming Emerging Markets with plus or minus 4-5 percent this is the reality and you may please pick up the data back test it yourself and see. No Govt till date post 1991 has even given Indian Stock markets outperformance over 5 percent over 3 months / 90 trading days at best.
SGX Nifty Minor Trend is Oversold. SGX Nifty Major Trend is up / bullish. Nifty support and resistance for tomorrow is at 7810 and 7991 Nifty 50 spot levels mentioned. Use dips to buy in panic and hold for higher targets as suggested.
SGX Nifty Futures / SGX Nifty Charts / SGX Nifty Live updates are given below for ready reference.
Good Trading To You!