Fundamental News
- Corona Virus cases are increasing, India cases shot up from 1 lakh to 2 lakh, in just 10 days.
Global Markets
- US markets closed mixed.
- Asian markets are also mixed.
- SGX Nifty is also net flat.
Pre-Market View
SGX NIfty indicates almost flat opening. There are no clear cues from global markets. Hence, price action would be key. There was a rally in the second half of the market in previous trading session. There may be a brief pause before continuing any further up.
Intraday Trade Setups
Retracement Trade:
- Both Nifty and Bank-Nifty opened almost flat.
- There was big doji candle at the start. Then both markets fell.
- After the bearish leg, there was a slight opportunity to short.
- At 10:05 am, bank-nifty created a solid red candle and broke below a green candle.
Range-breakout:
- After three legs of downtrend, both markets recovered in almost a v-shape without double-bottoming out shrinking.
- Bank-nifty was too volatile.
- At 01:35 pm, nifty broke out of its range.
Market Breadth:
- Nifty pharma was the biggest gainers.
- Nifty auto was the lagger.
- TCS was the top gainer in Nifty 50 with 3.96% gain.
- Grasim was the top loser in Nifty 50 ending at -3.1%.
- Nifty 50 advances: 28
- Nifty 50 declines: 22
Trade Plan for Next Session:
- Today both the markets were volatile as expected on expiry. There was a fall and subsequent V-shaped recovery.
- Today, FIIs were net buyers for 979 crores while DIIs were net sellers for 526 crores.
- If market opens flat or gap-up, have a long bias.
- If market opens gap-down, have a sideways to short bias.