As usual Nifty touched ATH by Yesterday also but after hitting ATH it fell 240 points from ATH but Closed with a loss of 104.75 points due to heavy profit booking in all sectors.
Sensex fell 334 points and Bank Nifty declined 285 points.
One more points we need to upgrade our self in this markets that is India VIX , Usually VIX will raise when markets are in bearish but yesterday it fell 3% and IV levels are also in Bank Nifty options chain .
First time it is happening like this and this is an new cycle in the market so if should learn now how to trade with lower VIX & lower IV so small players first observe this markets in live by trading with one or two lots and make an habit of trading with lower IV & VIX and
Also with lower IV and Lower VIX markets always fell very less as you can see yesterday fall also just 400 to 500 points only in Bank Nifty , this is also we need to upgrade.
Yesterday FIIs and DIIs were both on selling side as FIIs sold 846.37 crores and DIIs sold 271.7 crores.
Whenever our markets reached to ATH then we knew a sudden profit booking will be happen and we already mentioned this point in previous analysis but investors need a strong reason to book their profits and from the past many days global markets are not performing but every day we are inching to new ATHs so investors waited for right time and it came yesterday so started booking their profits and markets fell drastically.
Coming to global markets :- Last night U.S and U.K markets closed with flat in negative and Currently Dow Jones ,Nasdaq and U.K futures are trading at flat.
Most of the Asian markets futures are trading at higher.
SGX Nifty is up by 37 points as of now.
Coming to India :- Today our markets may open with gap-up based on SGX Nifty and global markets clues.
Yesterday was the one of the highest intraday volume for F&O , where it was 59 L crores traded in NSE , even with peak margin people pumping money so we need to observe this one also.
If markets open with gap-up then don't chase it because correction may happen at higher levels so wait till 10 A.M and decide the trend and trade based on weightage stocks move.
Today is an expiry day and yesterday volatility was very high so going for deep ITM makes sense today.
The one who is looking for support and resistances based on OI data and Chart analysis :- Nifty had a resistance at 15,717 and consider support as yesterdays low, if it breaks then expect some fall.
Bank Nifty as usual 35,000 will be the nearest resistance and next 35,700 and 35,500 will be the resistances and 34,519 will be an support if it breaks then expect further fall.
All The Best , Trade With Discipline.