Fundamental News
- Nothing significant.
Global Markets
- US markets gapped down but recovered intraday.
- Asian markets are mixed.
- SGX Nifty is slightly up.
Pre-Market View
SGX NIfty indicates almost flat opening. The markets are opening in congestion zone. Therefore wait for clear trend.
Intraday Trade Setups
Triangle breakdown:
- Both Nifty and Bank-Nifty both opened gap-up of 0.2% and 0.25%, respectively.
- There was confusion in the initial bars followed by a large sell-off.
- Both the market retraced and found resistance at previous levels.
- At 10:20 am, there was sell short signal in both markets.
Zone Rejection:
- After first two hours of volatile movement, since support and resistances were so close, the market ranged without any volume coming to breakout of the range.
- At 11:50 am in nifty, price rejected the upper band of the range.
- At 12:50 pm in nifty-bank, price broke out the triangle and retraced a bit to find rejection at the bottom level of triangle.
- At 02:05 pm, nifty-bank again found rejection at day's low from previous low.
Range-breakout:
- Nifty broke out its intraday range in the second half. The price formed a wedge in 1 min chart and broke below it.
- At 02:30 pm, nifty gave a sell short signal.
Market Breadth:
- Nifty PSUBANK was the only gainer.
- Almost all other sectors ended in red with Nifty metal being the lagger.
- CIPLA was the top gainer in Nifty 50 with 2.38% gain.
- TATASTEEL was the top loser in Nifty 50 ending at -5.1%.
- Nifty 50 advances: 14
- Nifty 50 declines: 36
Trade Plan for Next Session:
- Today both the markets were trading range days with trending swings in between.
- Today, FIIs were net buyers for 71 crores while DIIs were net sellers for 876 crores.
- Nifty has strongly ralied to resistance.
- If market opens flat, opening drive may decide the trend.
- If its opens gap-down, markets may trend lower.