Fundamental News
- HDFC to declare results.
Global Markets
- US markets closed at day's high.
- Asian markets are up. ✅
- SGX Nifty is slightly up. ✅
Pre-Market View
SGX NIfty indicates a gap-up opening. If the gap-up sustains we could see a surge to the upsdie as the market was quite range-bound in previous sessions.
Intraday Trade Setups
Opening Drive:
- Both Nifty and Bank-Nifty both opened gap-up of 0.6%
- At 09:20 am, the high of the first green bar is taken out in both nifty and bank-nifty.
Reversal Trade:
- Bank-nifty didn't have a good follow-through after a strong opening drive. It pulled back a bit too much, put on a lower high and continued to pull back further.
- At 10:15 pm, bank-nifty gave a sell signal.
Range breakout:
- At 10:40 am, nifty broke below its intraday low.
Zone Rejection:
- At 11:40 am, nifty gave another sell-signal at intraday trend line and previous level.
Market Breadth:
- Nifty metal was the biggest gainer.
- Nifty psubank was the lagger.
- TATASTEEL was the top gainer in Nifty 50 with 7.51% gain.
- TATACONSUM was the top loser in Nifty 50 ending at -3.54%.
- Nifty 50 advances: 33
- Nifty 50 declines: 17
Trade Plan for Next Session:
- Today both the markets were again quite choppy.
- Today, FIIs were net sellers for 1142 crores while DIIs were net buyers for 632 crores.
- If market opens gap-up, markets may trend higher.
- If its opens flat or gap-down, watch out for price-action as there may be multiple reversals before any clear trend.