SGX Nifty 30th Nov 2015


SGX Nifty

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

SGX Nifty / Nifty Futures 30th Nov 2015

SGX Nifty Minor Trend is up / bullish. SGX Nifty Major Trend is up / bullish. As per our Stock market Analysis / Nifty Prediction we maintain Nifty Dec series target of 8600 spot Nifty levels mentioned. We do not see any significant downside for the Nifty Futures / SGX Nifty and on dips we must be buying and holding long positions. We have been saying this openly from 7700 and once Nifty was below 7800 we were consistently saying that risk reward ratio favors buying and not selling. We were consistently saying buy dips and I am sure if you have followed our advice then you will be sitting on handsome profit by now.

Today Nifty has given us final confirmation of Minor Trend reversal above 7930 spot Nifty and has completed all parameters as told. It will be disastrous if you remain short now onwards for the next few days.

Nifty has been making classic text book higher tops and higher bottoms and with the net short positions that still are in the system we see that trend of higher tops and higher bottoms continuing. We have said time and again avoid following news as it is a trailing indicator and it will not serve any purpose to follow news but most traders are looking at the negative Share market news and asking how will Nifty move up? Anyways It does not matter I will always keep guiding as per what I see bullish or bearish and it will always pay to listen to what message the Stock markets are giving us. The Indian stock markets were clearly indicating a reversal and up move at 7700-7800 but Janta was not willing to listen. In fact as per open interest analysis they still are averaging net short positions and we do not feel that is the correct strategy to follow for a Stock Market that is moving higher consistently and making higher tops and higher bottoms.

Nifty support and resistance for tomorrow 30th Nov 2015 is at 7865 and 8050. Nifty 50 spot levels mentioned We are expecting GST bill to be passed in this winter session of parliament and the day news gets out Nifty will have a 200 points plus jump. At that time most traders will again get into buying mode and become very bullish but when share market news gets out in public domain it will be time to book profits.

As said yesterday in this series we see IDBI, Tata Motors and PNB outperforming and we did recommend buying into IDBI yesterday. Today we did book some profits for risk management purpose and have added fresh exposure to Punjab National Bank. Those who trade stock specific can keep a watch on these stocks as the structures are communicating that they will outperform the benchmark indices.

Good Trading To You!