- US 10 year bond yield above 1.7%.
- US markets are higher. ✅
- Asian markets are higher. ✅
- SGX Nifty is up by almost 100 points. ✅
SGX NIfty indicates a huge gap-up opening. We have three green ticks from global cues. Monday was a holiday for us. US markets closed higher on Friday and sustained it on Monday. There markets may move higher. However, with such a big gap on opening, initial sell off my come before taking support at previous levels.
Intraday Trade Setups
- Both Nifty and Bank-Nifty opened gap-up of 0.7% .
- The gap sustained in both of them and there was good rally to the upside in the first half.
- After that a pullback was expected in both. Nifty bank was especially weak in terms of price-action.
- At 11:50 am, nifty bank broke a shorter timeframe trendline. There was a good follow-through in nifty bank and it went on to test the day's low.
- Nifty-bank after a strong bearish leg, retraced a bit creating another shorting opportunity.
- At 12:55 pm, nifty bank broke below a shorter timeframe trendline.
- Nifty was the stronger index. It retraced before bouncing back up from previous level.
- Then it put on a lower high, contracting a bit.
- At 01:10 pm, nifty formed a solid green bar breaking a shorter timeframe trendline.
- All major sectors ended in green with nifty metal and nifty FMCG being the biggest gainers.
- Nifty realty was the only sector in red.
- UPL was the top gainer in Nifty 50 with 7.59% gain.
- Hindalco was the top loser in Nifty 50 ending at -0.32%.
- Nifty 50 advances: 46
- Nifty 50 declines: 4
Trade Plan for Next Session:
- Today nifty was trendy where as nifty bank was rangebound.
- Today, FIIs were net buyers for 769 crores while DIIs were net buyers for 2181 crores.
- If market opens flat or gap-up, markets may trade with positive bias.
- If market opens gap-down, the market may take resistance at today's high and be range-bound.