Fundamental News
- TCS came out with good results.
Global Markets
- US markets closed mixed.
- Asian markets are up. ✅
- SGX Nifty is up slightly.
Pre-Market View
SGX NIfty indicates almost flat opening. The markets are bearish. Hence expect any rally to be shorted.
Intraday Trade Setups
Reversal Trade:
- Both Nifty and Bank-Nifty opened almost flat.
- There was a intial rally.
- Bank-nifty formed an overhead congestion of price, unable to make higher highs.
- At 11:10 am, bank-nifty formed a strong bearish candle. Nifty was more bearish but it fell in a v-shaped pattern failing to give us a good point to short.
- At 12:10 pm, nifty formed a double bottom recovery pattern at support.
Pole-Flag pattern:
- Bank-nifty was the stronger index.
- At 12:10 pm, bank-nifty formed a strong solid green candle.
Market Breadth:
- Nifty auto and nifty psu bank were the biggest gainers.
- Nifty IT and nifty pharma were laggers.
- M&M was the top gainer in Nifty 50 with 7.78% gain.
- Dr.Reddy was the top loser in Nifty 50 ending at -3.95%.
- Nifty 50 advances: 38
- Nifty 50 declines: 12
Trade Plan for Next Session:
- Today nifty was very volatile whereas nifty bank was quite bullish. Both of them ended in green.
- Today, FIIs were net sellers for 730 crores while DIIs were net buyers for 243 crores.
- If market opens flat or gap-up, have a long bias.
- If market opens gap-down, have a sideways to short bias.