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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 16th March 2016
SGX Nifty / Nifty Futures Minor Trend is up / bullish. SGX Nifty / Nifty Futures Major Trend is also bullish / up. As pee our Indian Stock Market tips / Nifty Prediction we do not see any significant downside in the Indian Stock Markets or in the Global Stock Markets and declines / dips like the ones we are seeing right now must be used to buy and hold stocks rather than trying to call the top and selling or short selling the markets. We once again reiterate that Nifty is headed higher from these prices and our overall targets for higher side will be 8250-8000 spot Nifty levels and we could begin a rally which will be as fast as the move from 6825-7526. So we could see Nifty spot touching 8250-8000 levels by 29th March 2016 so please keep that in mind. This is not a market to short for now markets will resume bear phase but before that happens all the mandi positions will be forced out of the system. Please understand our view correctly once again this move is going to be a “Bina Kaaran tezi” Janta is searching for share market news but as per our analysis it could happen that no news comes out and yet Nifty will touch 8000-8250 area. It is possible also that Reserve Bank of India may cut rates aggressively shortly and that could further aid a rally in the Indian Stock Markets. Extreme caution is advised for short sellers.
Let us first look at the overall wave counts as per our analysis we see the current move a part of a ongoing correction and we could have completed another down move today. Overall this is a triangle formation as per our view and in another 2-3 trading days once this consolidation is over we will see a sharp bullish move heading towards 8000-8250 hence instead of chasing prices at that juncture we can look to accumulate and buy stocks as of now. We have been very bullish on sugar stocks as most regular readers and clients of this website are aware and we see sugar stocks moving much more higher from current prices. We see sugar stocks giving min 5 X returns from here and they are a great buy even at current prices. So use all dips and declines to buy and hold Bajaj Hind, Renuka Sugar, EID Parry other than sugar stocks we also see a great time cycle for MSL, NMDC, Tata Coffee (accumulate at all prices bindas) and kesoram industries. All these stocks will multiply over the next 25 months as astro cycles are very positive for these stocks.
The sentiment remains very bearish and most people will be very happy today since according to them Nifty has resumed the fall but what they are actually missing is the gradual fall in the Indian Stock Markets or Nifty Futures so if this was a real down move then the fall would have been much more sharper it would not be so slow. As it is said the wave characteristics are very important to note and the wave is clearly showing that the move is totally corrective in nature so once this move is done then we see a min 700 points rally from the low point of the triangle. So hypothetically let us assume that Nifty ends its triangle formation at 7470 then 7470+700=8170 is the min target and this move will end higher than 8170 so calculate this hardly any lower side move, entire janta is short (simple rule explains this if everyone is thinking the same thing then someone is not thinking), no one is long, No FII’s are long, EM funds are under weight India, those few people who are long are very scared to hold onto longs while those who are short are shouting from above the roof top of the BSE building. All these sentiment indicators when combined with another simple rule of Gann (“After a sharp rally in a short span of time, Markets often consolidate within a small trading range and then breakout on the upside, when the breakout happens you must add buying positions more aggressively and keep a stop loss order 3 cents below the previous low”)
Nifty spot support and resistance for tomorrow is at 7410 and 7610. Use all dips to buy and hold.
Good Trading To You!