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SGX Nifty 28th Dec 2015
SGX Nifty / Nifty Futures yesterday on 24th Dec 2015 was sideways through the day and lacked volume. It was one of the lowest volume days in the entire calendar year partly due to bank holiday on 24th Dec and the holiday season when most of the fund managers and institutions take a holiday.
SGX Nifty / Nifty Futures Minor Trend is Neutral. SGX Nifty / Nifty Futures Major Trend is bullish / up. As we have explained in yesterday’s post that current ongoing move we do not see going much higher from here although 8100 is still possible but we do not see 8100 or much above 7950 possible or even if it does move we don’t see price sustaining on the upside in the near term and we do see a panic bottom formation around 7500. Does that mean Nifty will make a bottom exactly at 7500? No I am not suggesting that for one minute all I am saying again and again sorry to be repetitive but we do not see Nifty sustaining below 7500 spot for over 7-8 trading days and in that panic buying will make huge money as our longer term targets for Nifty Futures is 8800-9000 levels and I know that no one in the market today is even talking higher than 8200 but I am just communicating what I see on the charts for practical and day to day or short term trading we must always follow and adopt proper risk management systems and then only trade. There is huge open interest build up at 8000 call and 8100 call hence we do not see the current month ( Dec Series expiry) going much above 7950-8100 area and from 7950-8100 we see a panic fast down move taking Nifty towards 7500 or may be even breaching it during intraday trade. Hence avoid fresh longs on higher side and build longs (positional longs) only on dips towards 7500 Spot Nifty levels.
Yesterday 25th Dec 2015 was a important day as far as time cycle goes as Uranus went direct and this is a level one geocosmic signature having an orbit of influence of 7 trading days so we could see a short term top and then a panic bottom soon. What share market news will take it there in panic to 7500 frankly I do not know and I have always said this time and again that news is a lagging indicator and will always trail price movements. Means price will always lead the smart money will always show us main trend and move well before the news gets out in public domain.
Nifty resistance and support for tomorrow 27th Dec 2015 is at 7950 and 7728. From immediate stand point use rise to sell towards 8100 and from positional stand point use dips to buy for 8800-9000.
Good Trading To You!