Lets analyse SGX Nifty i.e. Nifty which is being traded in Singapore Exchange. Now what is the need of its analysis? Is this tradable in India? Actually we are not going to trade in it. But still there is a need of its analysis. It is one of the factors which is responsible for Nifty’s gap-up or gap-down opening. And this index which is influenced by the US market, opens up early morning as per India time. So Whatever move it takes, this decides the first step of Nifty that day.
Now Lets Analyse. If we see the weekly chart of SGX Nifty, It came down near its support line near 16030 – 16100. Currently its trading at 16214 and can go down till this support level. Chances are there for a some up-move from this support area. If the expected up-move comes, I expect the target of around 16860. If SGX Nifty breaks this support line, then its final support zone is 15410 – 15620. Refer the attached chart. Happy Trading.
