Fundamental News
- On Friday, US jobs data came much lower than expected.
Global Markets
- US markets closed at all time highs. ✅
- Asian markets are mixed.
- SGX Nifty is slightly up. ✅
Pre-Market View
SGX NIfty indicates a gap-up opening. Bank-nifty is gapping up at a resistance point. Hence look for strong opening if the market has a long play.
Intraday Trade Setups
Range breakout:
- Both Nifty and Bank-Nifty both opened gap-up of 0.8% and 1%, respectively.
- At 12:35 pm, nifty broke out of a rising wedge pattern breaking the intraday-high.
Pole-flag:
- Similarly, 12:25 pm, bank-nifty broke above the pullback trendline and closed near the high of the green bar.
Market Breadth:
- Nifty metal and nifty pharma was the biggest gainer.
- Almost all sectors ended in green
- COALINDIA was the top gainer in Nifty 50 with 8.22% gain.
- SHREECEM was the top loser in Nifty 50 ending at -1.9%.
- Nifty 50 advances: 38
- Nifty 50 declines: 12
Trade Plan for Next Session:
- Today both the markets were quite range-bound
- Today, FIIs were net buyers for 583 crores while DIIs were net sellers for 476 crores.
- If market opens gap-up, markets may trend higher.
- If its opens flat or gap-down, watch out for price-action, may be range-bound again.