Fundamental News
- SC ruling on loan moratorium case is due to today.
Global Markets
- US markets closed higher.
- Asian markets are higher.
- SGX Nifty is also higher.
Pre-Market View
SGX NIfty indicates a slight gap-up opening. If bullish setups emerge, nifty would be the ideal candidate as it is stronger than bank-nifty right now. SC ruling on moratorium case could make the markets volatile.
Intraday Trade Setups
Retracement Trade:
- Both Nifty and Bank-Nifty opened almost flat to slight gap-up. There was a strong opening drive in both the markets.
- The markets retraced a bit taking support at previous levels.
- At 10:50 am, price broke above the retracement trendline.
Market Breadth:
- Nifty bank, private banks, psu banks were the top gainers.
- Nifty metal lagged behind.
- Shree Cement was the top gainer in Nifty 50 with 5.36% gain.
- Hindalco Bank was the top loser in Nifty 50 ending at -2.34%.
- Nifty 50 advances: 28
- Nifty 50 declines: 22
Trade Plan for Next Session:
- Today markets were also volatile with opportunites mainly on the long side.
- Today, FIIs were net sellers for 108 crores while DIIs were net sellers for 529 crores.
- On the daily chart, it looks like market is digesting the previous week's volatility.
- If market opens flat or gap-down, the market may move to the downside.
- If market opens significant gap-up, the market may make a move to the upside in the first half.