Fundamental News
- Gold, Silver, Crude Oil futures fell.
Global Markets
- US markets ended mixed.
- Asian markets are slightly positive.
- SGX Nifty is slightly positive.
Pre-Market View
SGX NIfty indicates a slight gap-up opening. Markets are positive. If the opening drive is strong, the markets can trend higher.
Intraday Trade Setups
Opening Drive:
- Both Nifty and Bank-Nifty both opened slight gap-up of 0.35%.
- The opening 5-min candle was strong.
- At 09:20 am, the high of the 1st strong solid green candle is taken out.
Pullback Trade:
- After trending up, both markets pulled a bit.
- Nifty ranged whereas nifty bank pulled back to 20 ema.
- At 10:40 am, nifty bank produced a solid green candle after pulling back.
Range-breakout:
- Nifty had formed a range at the high of day.
- At 10:40 am, nifty broke out of that range.
- At 12:05 pm, nifty bounced at trendline as well as broke out of a small range creating an igniting elephant bar. It had a very good follow-through.
Market Breadth:
- Nifty bank was the biggest gainer.
- Nifty pharma was the lagger.
- Bajfinance was the top gainer in Nifty 50 with 8.02% gain.
- Britannia was the top loser in Nifty 50 ending at -2.01%.
- Nifty 50 advances: 35
- Nifty 50 declines: 15
Trade Plan for Next Session:
- Today both the markets again trended to the upside.
- Today, FIIs were net buyers for 766 crores while DIIs were net buyers for 436 crores.
- If market opens flat or gap-up, we can again trend upward after accumulation
- If market opens gap-down, we can see a range-bound day.