Fundamental News
- US to declare its Inflation data in the evening.
Global Markets
- US markets closed lower. ❌
- Asian markets are in green. ✅
- SGX Nifty is slightly down. ❌
Pre-Market View
SGX NIfty indicates a gap-down opening. There is definitely some room to the downside. Last day's low would act as support. If that is breached, markets can trend strongly.
Intraday Trade Setups
Retracement trade:
- Both Nifty and Bank-Nifty both opened gap-up of 0.15% and 0.35%, respectively.
- The initial opening candles were bearish which set the tone for the day for both the markets.
- At 10:05 am, in both the markets, there was a red bar closing giving the opportunity to open a short position in the direction of trend.
Reversal trade:
- After wedging, both the markets had a sharp reversal and ranged for a bit during low volume hours.
- At 01:25 pm, nifty gave a sell signal after putting up a double top.
- At 01: 35 pm and 02:30 pm, bank-nifty gave sell signals.
Market Breadth:
- Nifty psubank was the biggest gainer.
- Nifty metal was the lagger.
- TATAMOTORS was the top gainer in Nifty 50 with 3.17% gain.
- TATASTEEL was the top loser in Nifty 50 ending at -4.77%.
- Nifty 50 advances: 15
- Nifty 50 declines: 35
Trade Plan for Next Session:
- Today both the markets were quite range-bound
- Today, FIIs were net sellers for 336 crores while DIIs were net sellers for 676 crores.
- If market opens gap-up, markets may be range-bound.
- If its opens flat or gap-down, markets my again trend lower.