Hi All,
As expected, after breaking the key levels of
7100 Nifty drifted down drastically and was down by almost 250 points. However,
as per my expectation it did not give any respect to 7100 levels.
Now going forward, Nifty will trade with a
negative bias and any rise should be used as a shorting opportunity unless we
see bullish formation on either intraday or daily charts.
Right now SGX Nifty is up by as much as 100
points and it is likely to open above 7050 levels. Now 7100-7120 will act as a
level of resistance (which was a prior support) and a close above that can mean
a lot for the bulls.
However, as said earlier, unless we see a
bullish formation, the bias for the markets will continue to be negative and
sell on rise strategy should be applied with strict stop losses as the IV is
already trading higher, as expected near 26% mark and the same can even rise
further on account of economic evens lined up at the end of the month.
Cheers...
3 comments:
What Is SGX Nifty?
In an India stock market open in morning at 9:00 AM that is pre-opening session and actual trading start at 9:15 AM and trading closed at 3:00 PM. SGX Nifty provide different trading timings that enable the investors to trade in SGX even if the India’s market is closed. If any Indian or Foreign investors who wish to invest in Indian Nifty future contracts do it through SGX Nifty. So, let’s understand what is SGX Nifty?
SGX Stands for Singapore Stock Exchange, which is one among the leading Asian stock exchanges.SGX Nifty implies the Indian CNX Nifty future traded in Singapore Exchange. This is based to Indian Nifty.In the morning stock market news we often listen about “SGX NIFTY”. If it rises before market opening, Indian stock market rises and vice versa.SGX Nifty is a famous derivative product of Singapore Exchange. It facilitates futures trading of fundamental NSE Nifty index. This helps foreign investors to invest in Nifty Futures.Singapore stock exchange is opened about 2.5 hours before the opening of Indian stock market.
Indian CNX Nifty index future also traded outside of India at two Stock exchanges.
1st is Singapore Stock Exchange (SGX) which is leading stock market of Asia. That we can know as SGX Nifty.2nd is Chicago Mercantile Exchange (CME) which is international stock market. That we can know as E-mini & micro CNX Nifty Futures.
Trading Hours at SGX (Singapore Stock Exchange)
SGX Nifty is available 6:30 AM to 11:30 PM as per Indian time.
Trading Session
Singapore Time
India Time
SGX Quest (T)
9:00 AM – 6:10 PM
6:30 AM – 3:40 PM
SGX Quest (T+1)
7:15 PM – 2:00 AM
4:45 PM – 11:30 PM
SGX Quest (T) - The Settlement Done In The Same Day.SGX Quest (T+1) - The settlement done after one day.
So, If Indian Market is closed at 3:30 after that FII’s who wish to invest in Indian future contracts do it through SGX Nifty.
Hi Hrishi, This will give you greater idea. In fact SGX Nifty is nothing but Our Nifty which is traded on Singapore Exchange and SGX Nifty means Nifty Future. So we should never get confused by how much points SGX Nifty is trading Higher. We only should be seeing what is the figure E.g. 7000,7100 Etc.I posted it because you said market will open above 7050 but it (Spot Nifty) opened near 7023 and SGX was 7035 at that time and Nifty future opening was almost near SGX Nifty Level.
Yes Mandar. When I posted it SGX Nifty was up by 100 points, by the time the market opening happened the same has came down. Though the opening may not be exactly same, but surely it gives us an impression of the global factors overnight, and you are right, it is nothing else but a Nifty future trading in singapore exchange, in my blog I had posted the importance of SGX Nifty and its meaning around a couple of years back.....
For all the analysts SGX acts like a barometer for market opening
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