Fundamental News
- Crude has fallen by more than US$ 2 per barrel.
Global Markets
- US markets closed at all time high. ✅
- Asian markets are mixed.
- SGX Nifty is slightly down.
Pre-Market View
SGX NIfty indicates a slight gap-down opening.We have just one positive cue from global markets. It is more than likely to test previous session's low, accumulate there or just bounce.
Intraday Trade Setups
Reversal Trade:
- Both Nifty and Bank-Nifty opened gap-up of 0.6% and instantly gave up some gains and then some.
- Again both the markets recovered all the loss. After such a volatile market, price-action generally compresses and remains restricted to a range.
- At 12:15 pm, nifty created a bearish almost doji candle and then a solid red bar creating a reversal trade.
Triangle breakout:
- Nifty-bank was the weaker index today as the price action clearly showed.
- At 12:15 pm, nifty bank broke out its triangular pattern.
Market Breadth:
- Nifty metal and nifty pharma were the biggest gainers.
- Nifty bank was the leading lagger.
- Adani Ports was the top gainer in Nifty 50 with 14.5% gain.
- Powergrid was the top loser in Nifty 50 ending at -2.03%.
- Nifty 50 advances: 31
- Nifty 50 declines: 18
Trade Plan for Next Session:
- Today nifty and nifty-bank were almost range bound.
- Today, FIIs were net sellers for 1092 crores while DIIs were net buyers for 416 crores.
- If market opens flat or gap-up, markets may remain volatile.
- If market opens gap-down, the market may trend down.