Fundamental News
- US ten year bond yield shot up from 1.14% to 1.49%.
Global Markets
- US markets closed negative. ❌
- Asian markets are mixed.
- SGX Nifty is showing a gap down of about 200 points. ❌
Pre-Market View
SGX Nifty indicates a huge gap-down opening. We have two global cross cues indicating bearishness. However, in general, such gap-downs are always followed by retracement to the upside before again fall after facing resistance.
Intraday Trade Setups
Bull Flag:
- Both Nifty and Bank-Nifty opened gap-down of 1.25% and 1.75%.
- At 11:05 am, nifty broke out its flag pattern.
- At 12:25 am, both nifty and bank-nifty broke of their respective flag patterns at their intraday highs.
Triangle breakout:
- At 11:05 am, bank-nifty broke out its triangle pattern which it had formed at almost its intraday low.
Trade Plan for Next Session:
- Today markets remained net range bound with intraday volatility.
- Today, FIIs were net sellers for 223 crores while DIIs were net sellers for 788 crores.
- Markets are being reactive to US markets. Hence global cues would be important going forward.
- If markets open gap-up or flat, markets may move higher after accumulating at today's intraday high.
- If markets open gap-down. the markets may remain range-bound.