Fundamental News
- US secretary of treasury indicated slightly higher interest rates.
Global Markets
- US markets ended mixed.
- Asian markets are mixed.
- SGX Nifty is up by 100 points. ✅
Pre-Market View
SGX NIfty indicates a gap-up opening. Both the markets are opening up at resistance levels. If the opening drive is not strong enough, the gap may not sustain.
Intraday Trade Setups
Zone Rejection:
- Both Nifty and Bank-Nifty both opened gap-up of 0.7% and 1% respectively.
- There were multiple level in close proximity giving rise to a very choppy range-bound market.
- At 10:50 am, a red candle formed in both nifty and bank-nifty at a previous resistance level.
Market Breadth:
- Nifty pharma was the biggest gainer.
- Nifty realty was the lagger.
- SUNPHARMA was the top gainer in Nifty 50 with 5.87% gain.
- ADANIPORTS was the top loser in Nifty 50 ending at -3.61%.
- Nifty 50 advances: 44
- Nifty 50 declines: 5
Trade Plan for Next Session:
- Today both the markets were quite choppy.
- Today, FIIs were net sellers for 1110 crores while DIIs were net sellers for 240 crores.
- Generally Wednesday's session is volatile with big moves. But today's market was quite range-bound.
- If market opens flat or gap-up, markets can go higher to upper resistances.
- If market opens gap-down, there can be another bear trend.