Fundamental News
- Nothing significant.
Global Markets
- US markets closed green after opening gap-down. ✅
- Asian markets are mixed.
- SGX Nifty is up by 100 points. ✅
Pre-Market View
SGX NIfty indicates a gap-up opening. There should be a initial sell-off before stabilizing as global cues are good. After such a volatile expiry, the market should contract and establish a range.
Intraday Trade Setups
Pole-Flag pattern:
- Both Nifty and Bank-Nifty opened gap-up.
- As expected, initial sell-off came before stabilizing at previous level.
- Bank-nifty created a triangle pattern, which basically is a flag pattern when market gaps up.
- At 11:35 am, bank-nifty broke out of the flag.
Wedge Breakout:
- Nifty had create a wedge pattern as it was trending upside.
- At 01:35 pm, nifty broke below the wedge.
Market Breadth:
- All major sectors ended in green with nifty metal and nifty FMCG being the biggest gainers.
- Nifty pharma and nifty IT lagged behind with their gains.
- Tatasteel was the top gainer in Nifty 50 with 5.82% gain.
- UPL was the top loser in Nifty 50 ending at -1.39%.
- Nifty 50 advances: 44
- Nifty 50 declines: 6
Trade Plan for Next Session:
- Today markets were completely range-bound.
- Today, FIIs were net sellers for 50 crores while DIIs were net buyers for 1703 crores.
- Today's volatility in the second half can be attributed to index-management on monthly expiry.
- If market opens flat or gap-down, the market may move to the downside.
- If market opens gap-up, the market may take support at today's intraday high and move higher.