Today let us do a short analysis of SGX Nifty. SGX Nifty is not tradable but as we know how Nifty and SGX Nifty affects the move of each other. Both are currently looking bullish and are in uptrend from sometime. But will this trend continue or is the trend reversal is just very near? Let’s see in SGX Nifty chart.
In monthly chart of SGX NIFTY, we can clearly see how the price is moving in a squeezing channel in which it can touch near 19000 – 19200 max. And then it can fallback in the channel again. The probability of it giving a breakout from this channel seems to be very low for now.
Update: In this post I mentioned that probability of SGX Nifty (now GIFT Nifty) of giving a break-out from this channel is low. But Market made it possible. So GIFT Nifty gave a breakout and going up. We will reanalyse it in some time.
