Fundamental News
- Apple and Facebook declared very good results pushing US futures higher.
Global Markets
- US markets ended lower with some large swings.
- Asian markets are positive. ✅
- SGX Nifty is up almost 100 points. ✅
Pre-Market View
SGX NIfty indicates a huge gap-up opening. We have two green cues. However, the previous two days have been huge trend days. And therefore such a big gap-up might not sustain. Also expiry day markets rarely trend. Hence opening drive plays to the upside would be risky.
Intraday Trade Setups
Range-breakout:
- Both Nifty and Bank-Nifty both opened gap-up of 0.9%.
- There was a strong opening drive to the upside in the initial candle.
- But it couldn't sustain there and there was strong sell signal bar at the day's high.
- For nifty, the sell-bar at the top wasn't that big.
- At 09:45 am, nifty broke below the day's low.
Reversal Trade:
- Bank-nifty had a good sell signal bar at the day's high.
- At 09:40 am, bank-nifty had a good red solid bar.
- After two legs of bearish movement, both the markets halted a bit.
- Expiry day markets rarely trend directional and usually reverse late in the day.
- At 11:10 am, both the markets produced a solid green bar.
Triangle breakout:
- After reversing from bottom, markets ranged and formed a triangle structure at previous resistance.
- At 12:50 pm, both the markets broke out of the triangle.
- The move didn't have a good follow-through.
Market Breadth:
- Nifty metal was the biggest gainer.
- Nifty auto was the lagger.
- JSWSteel was the top gainer in Nifty 50 with 9.59% gain.
- HeroMotoco was the top loser in Nifty 50 ending at -2.37%.
- Nifty 50 advances: 20
- Nifty 50 declines: 29
Trade Plan for Next Session:
- Today both the markets were fairly within range with movements both side.
- Today, FIIs were net buyers for 809 crores while DIIs were net sellers for 942 crores.
- If market opens flat or gap-up, there is space to the upside.
- If market opens gap-down, the market can range.