Fundamental News
- Nothing significant.
Global Markets
- US markets closed negative. ❌
- Asian markets are mixed.
- SGX Nifty indicates gap-up of more than 80 points. ✅
Pre-Market View
SGX Nifty indicates a huge gap-up opening. Global cues are kind of mixed. Hence we would be reactive and not predictive. If market sets up for a gap-up short, short position can be taken. However, market is gapping up over resistance and there is a huge gap to be filled above, which was created by another huge gap-down the previous day.
Intraday Trade Setups
Range Breakout:
- Both Nifty and Bank-Nifty opened gap-up of around 1%.
- At 09:40 pm after creating some doji candles in the same range, nifty broke below the range.
- However, before even filling the gap, it shot up creating a false breakout.
Bull Flag:
- At 11:30 am, both the markets broke of their respective bull flags and rallied higher.
- It should be noted that the flag structure is at an angle favorable to this setup. It has drifted for a pullback. It is different from other pull backs where price collapses at almost right angle.
Trade Plan for Next Session:
- Today markets completely trended for the entire day.
- Today, FIIs were net buyers for 2088 crores while DIIs were net buyers for 392 crores.
- If markets open gap-up or flat, markets may consolidate intraday before moving higher.
- If markets open gap-down. the markets may find resistance at today's intraday high and remain range bound.