SGX Nifty 3rd Dec 2015

SGX Nifty

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

SGX Nifty 3rd Dec 2015

SGX Nifty / Nifty Futures today did give a minor pullback from the highs today. As told and we reiterate that we must use such pullbacks to enter into trading long positions in SGX Nifty / Nifty Futures as the overall trend is up as of now and we do not see any significant weakness going forward. Sure minor pullbacks like the one we saw today will come and go but the overall trend will remain up for now. SGX Nifty / Nifty Futures continues to make classic higher tops and higher bottoms and that is the basis of any technical study. Be It Elliot wave, Gann Wave or Dow Theory when Stock Markets are making structures like the ones right now buying on dips will make money and not the other way round.

Overall Nifty continues to be in a sluggish up move or bullish phase as this current on going move is actually a corrective wave and it is not a impulse and hence this kind of drag is seen in the Indian Stock Markets. Nifty has been slowly grinding in a range bound slow steady up move because of this.

As per our Stock Market Analysis / Nifty Prediction Nifty Dec Series Target will be between 8400-8600 Spot Nifty levels mentioned. We are not in the camp which sees the Nifty at 7400-7200 in Dec. Open Interest data is clearly indicating that most of the traders have short selling positions rather bulk of the Indian Stock Market participants are adding or averaging short sell positions on all rise and we do not feel that will be the right strategy as of now.

SGX Nifty Minor Trend is up / bullish. SGX Nifty Major Trend is also up / bullish.  On dips at appropriate points buying should be done and not the other way round as most of the traders / investors are doing. Nifty support and resistance for tomorrow 3rd Dec 2015 7870 and 8125.

Today charts have done a very interesting pattern and if that starts manifesting then that will mean FED will not be hiking interest rates in DEC 2015 rather it will only do so in FEB 2016 and if that happens Nifty and other Global Stock Indices will sure start zooming. We could also see some other Share Market News which will be positive from the Parliament soon. We expect GST bill to be passed in Winter session of parliament and we do not see Congress blocking the bill this time around.

We did do one intraday trade today we bought Nifty at 7916 spot and booked part at 7940 spot rate and we are continuing our previous positional trading long positions for now as all our systems are pointing in one direction and that is up.

We like the structure of IDBI, we feel it will outperform Nifty in the short term.

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Good Trading To You!