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SGX Nifty / Nifty Trend / Nifty Prediction / Stock Market Tips for 14th July 2015
SGX Nifty / Nifty Trend today was positive. Once news of Greece deal was out Nifty started rallying and ended the day with almost a 100 point gain. Stock markets around the world were staging recoveries. Nifty Minor and Major Trend remain down. Nifty spot has resistance at 8550-8591 Spot Nifty. Today we have got confirmation of Inversion and since Inversion confirmation has come means down cycle price and time both will extend. In other words top is due soon (details have been given to all clients on whats app) Overall we once again maintain our view that current pullback will halt soon and fresh down cycle will begin anytime. Venus will square Saturn which is currently retrograde this kind of hard aspects show very high correlations to tops and subsequent panic and flash crash in world stock markets. We expect volatility to start spiking up very soon and in the next 72 hours we will start seeing sharp price swings. Overall we maintain our targets on the downside. If Nifty had to move higher there should have been speed by now (assuming there was a terminal occurring at 7941) and this kind of sluggishness on the upside and range bound movement confirms only one thing and that it wave has got split and inversion is occurring / confirmed. Looking forward the next 3 months Q1 numbers are bad, Q2 numbers will be worse, Steep trailing valuations, Harvesting season will not be good, Fed will begin interest rates hike resulting in dollars flowing out of this country and INR will depreciate towards 68-72, Inflation moving higher (Today’s inflation numbers the highest in 4 months) and hence Reserve Bank of India not cutting rates further in this financial year with all these factors it’s a dangerous cocktail and sustainability of any up move is not possible.
USDINR today started moving higher towards our target of 64.18 Spot. USDINR has good support at 63.20 spot and we see USDINR headed towards 64.18 in this month. Importers are advised to be hedged and avoid any open positions as we do not see significant weakness in USDINR and overall trend is up. Our longer term targets are between 68-72 within this financial year.
Crude Oil Update
Nymex Crude Oil has support between 46-48 and we recommend to Buy around these levels. Crude Oil derivatives also can be bought from current prices for targets of 72 $/BBL. Natural gas seems to be making a good bottom and as per astro cycle it could rally 20-30 percent in near term. Traders can keep a watch on Natural Gas. Proxy for that would be GAIL but wait for overall Nifty down targets to be achieved before we get into accumulation mode.
For details of our advisory services please feel free to call me on 9222294707. More details will be updated later in the morning.
Good Trading To You!