LTP 8,576.00 -128.00 -1.49% High 8,710.00 Low 8,546.50
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SGX Nifty 11th April 2016
SGX Nifty / Nifty Futures had a virtual holiday and Nifty volumes were very low through the day. Once we got a sense that Nifty Futures will remain sideways for the day we told our clients to relax and take the day off and we will see them back on Monday 11th April 2016. This coming week has only three trading days and the first thing that comes to my mind is to trade light for this week ( we do not have any short positions for now and when and where to take a fresh trade we will update those details live to our clients during Indian Stock Market hours ). Next week too we have a holiday on Tuesday so effective the world stock markets will be working for three trading days and we will not be trading in that time hence it will be prudent to be careful and avoid heavy trading positions.
As per our Nifty Prediction / Nifty Futures tips given to our clients we have been saying that as of now we do not want to be in buying positions and we will just trade the pullback of 6825-7777 range and then again at lower levels get into buying positions. As of now we do not see the time is right to get back into buying positions and we will have to wait for some more downside to take place. It is also possible that we could see a pullback back again to 7777-7850 range and then we could again see a fall so both the options are equally possible but the bottom line is we do not see any sense in buying or going fresh long at this juncture. It will be prudent to wait for get confirmation signals and then only we get back into buying positions later at lower levels. From a tactical trading stand point if we do see pullback then we could short sell Nifty Futures again at appropriate levels. (when to buy / sell where to buy or sell all details will be given to our clients live during Indian Stock Market hours, If you are trading only on the basis of this post then please use appropriate risk management systems and trade)
Nifty Charts at present are not showing any signs of a run away and when you are taking a trade please keep that in mind. If you are stuck in trading long positions it will be prudent to book profits on the pullbacks that you see and then reenter on the lower side but holding on to trading long positions will not be a good strategy as per our reading of Nifty Chart. Even if we take a elliot wave perspective or a Gann wave perspective then we do not see any thrust in fact the lack of thrust on the higher side is creating more problems for the up move to directly take place from here. So please keep in mind that being long at this juncture is not advisable.
Use all dips to buy and hold MSL (500266), Bajaj Hindustan, EID Parry, Renuka Sugar, NMDC, Kesoram, Tata Coffee. All these stocks will do very well in the time to come. Nifty spot support and resistance for tomorrow 11th April 2016 is at 7542 and 7634. Trade light this week.
Good Trading To You!