SGX Nifty 14th March 2016

SGX Nifty

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SGX Nifty Live

LTP  8,576.00 -128.00 -1.49% High 8,710.00 Low 8,546.50

SGX Nifty 14th March 2016

SGX Nifty / Nifty Futures consolidated this week in a small trading range but the important take away from this week was that there was sustained buying at lower levels. Nifty Futures / SGX Nifty was getting buying support at lower levels. Each time SGX Nifty / Nifty Futures moved lower the dips were being bought into and most of the Indian Stock Market participants were looking for a resistance zone on the higher side (Frankly this is a very dangerous way to trade looking for resistance as there has been a clear faster retracement  above the previous wave top of 7253 and that wave top was taken out with higher volumes) while we were focused on buying from lower side. We did trade in and out in some BTST trades this week and still continue holding the positional trading longs we created around 7200-7000 levels and we are very clear that Nifty Futures is headed higher so we will keep trailing these positions till we do not see a reversal in the Indian Stock Markets. As per our Nifty Prediction / Indian Stock Market tips we see Nifty moving higher from here onwards also and we do not see any significant downside from either Indian Stock Market nor for the Global Stock Markets. If any dip does come then that must be used to buy and hold for higher side targets.  

If we see the overall structure from a wave perspective we clearly can see a impulse wave has started from the lower side bottom of 6825 spot Nifty and this is just a consolidation in the current ongoing move. So if we look at the current scenario it is just a normal correction in fact not even a correction it is just a sideways consolidation and we expect this consolidation to end shortly and Nifty to begin moving higher anytime next week.  Move past 7577 spot Nifty will start seeing extreme fast movement on higher side there by taking Nifty towards 7800-8000 levels and could even head for 8250 levels.  The most important point to understand here is that targets are not important but the direction of trade is important. There are too many people who are looking to call the top (the reality is that they did not trade on the long side hence since they have missed the rally they want the market to come lower and are justifying why and how the market has moved up so fast also they are coming up with all possible stats like earnings picture, NPA’s etc but short term market movements do not depend of these factors ) and when there is no breakdown in the hourly charts also there is no point in trying to call the top rather it would be prudent to stay with the trend till the time trend reversal is seen.

If we look at the sentiment indicators each and every person is having the same view that Nifty max upside is 7600-7700 and as a master trader once said if everyone is thinking the same thing then someone is not thinking. As of now all the market participants are just justifying that this rally can not hold so if everyone is convinced that 7600 will not break history suggests that it sure will break on the upside and as W D Gann said “Future is nothing but a repeatation of the past” so should we should hold on to longs at least till the time these guys start talking about 8000 or may be even 10500.

Nifty spot support and resistance for tomorrow 14th March 2016 is at 7390 and 7577. Use dips if any to buy and hold MSL, Tata Coffee, Renuka Sugar, EID Parry, Bajaj Hind, NMDC, Kesoram we see good time cycle support for these stocks in the near term.

SGX Nifty Minor Trend is up / bullish. SGX Nifty / Nifty Futures Major Trend is bullish.

Good Trading To You!


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