SGX Nifty 1st Dec 2015

SGX Nifty

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

SGX Nifty / Nifty Futures 1st Dec 2015

SGX Nifty / Nifty Futures Minor Trend is Up / bullish. SGX Nifty / Nifty Futures Major Trend is up / bullish. As per our Stock Market analysis we do not see any significant downside in Nifty Futures / Indian Stock Markets. Indian Stock Markets / Nifty Futures has been making classic higher tops and higher bottoms consistently since 29th Sept 2015, even before 29th Sept 2015 Nifty made a terminal bottom at 7540 and in this background open interest data indicates that most Indian Stock Market participants have been averaging short selling positions. Looking at the sentiment indicators , Elliot wave structure and combining all of our other studies it is amply clear to us that Nifty Dec series targets should be around 8600 and we are once again reiterating that we will see a panic but not now. There is still time for that destructive cycle to play out but before that destructive cycle begins we will see most short selling positions being forced to exit their shorts and Janta will again become bullish and start talking about 9000+ levels that is the time to be really careful as per our analysis of the wave structure Nifty will not wait too long on the upside either and we see a powerful down leg cycle that will just throw out all longs from the system. In short simple words 7400- will come but before that you will see higher levels from here. Please understand I am not suggesting for one minute that correction will not come, they sure will but those corrective dips towards the final tezi cycle need to be bought into. As of now on all rises everyone wants to short sell and we do not feel that is the right strategy at this juncture.

Nifty support and resistance for tomorrow is at 7875 and 8035 (Nifty 50 spot levels mentioned). Ideal trade will be buying the dips towards 7875 if we do see volatility tomorrow just before the crucial Reserve Bank of India policy. At 7700-7800 levels we were very clearly telling you do not short sell and instead buy but most traders and investors did not understand what we were trying to communicate. Even now we are saying Nifty still has enough steam to move higher as net overall everyone is short. All negative news are in the price as of now at least. Positive Share market News like GST Bill is about to be passed as per our calculations. In This week Euro Zone Bankers will be announcing further more fresh measures to boost liquidity so these could be the possible positive triggers on the news front (but frankly does not matter what is the real trigger, Smart money is buying as of now and that is Cleary evident looking at the price and volume charts)

Nifty Futures had a boring session today and spent most of the time within a range, with heavy share market news lined up this week and the most important on Friday expect volatility to start picking up.

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