In chess board the King will always stand like legend not because of him, max it will move only step to any side , its just because of his team who are standing for him and those soldiers made him to sit confident.
Here the king of Indian markets are Nifty and Sensex where they are going with non stop rally with a support of big queen that is Financial sector.
As Nifty shot up 184.90 points , Sensex jumped 623 points and Bank Nifty rallied 463.10 points .
The rocks , The Knights , The Bishops ,The queen , The pawn are plays important role according to the situation.
In our markets The Bishops are Auto sector , The Knights are Metal & IT sector , The Queen is the combination of Financial sector and Reliance and The pawn are the border stocks.
while playing if we are not loosing even one soldier then who will stop us not to win a game and exactly this is what happening in our markets from the past 2days , as every sector is contributing a percentage based on their role.
Here the two Big rocks are FIIs and DIIs and moreover this time they both were closed the day on buying side as FIIs bought 618.49 crores and DIIs bought 449.52 crores.
While playing we always track opponent player face expression to know how he is going to make his next move and here our Opponent player is India VIX who is cooling down from the past 2 days , as it was closed below 19 on yesterday which is an indication of bulls rally.
But sometimes we spoil our game due to the surroundings because while playing we always need a peaceful mind otherwise we will deviate and we will go wrong steps and loose our team, here the biggest environment for us is global markets.
Coming to global markets :- last night US and UK markets are closed at lower and currently Dow Jones , Nasdaq and UK markets are trading at lower.
Asian markets are mixed.
SGX Nifty is down by 90 points as of now.
Coming to India :- Today our markets may open with gap-down due to the bad environment (global markets and SGX Nifty ).
Looks like global markets are spoiling our party so we may see some profit booking today due to weak global clues so expect some correction today.
Avoid the morning trades if markets open with huge gap down and any fall more than 1.5% will be an opportunity to buy at lower level .
Today markets may consolidate to get premiums and later on will give one side move and one side breakout is enough for an option buyer to closed his day in green so wait for right opportunity and close the day in green.
Consider today is an Wednesday so we can expect wild swings or range bound moves in the afternoon session to eat the premiums and staying light make sense
The one who is looking for support and resistances based on OI data and chart analysis :- Nifty 15,100 both side added huge OI , it means 15,100 short straddle is happening so markets may move 150 points to any one side and not more than that .
Bank Nifty had a resistance at 34,250 and support at 33,540 and if it breaks then support will be at 33,000.
All The Best , Trade With Discipline.