Markets holds to fail at the top due to huge selling selling pressure on Banking , FMCG, reliance stocks.
Maruti , L&T , IT and HDFC stocks supported to market.
Where as Nifty gained just 26.30 points , Sensex was up by 14.25 points and Bank Nifty fell 126.30 points.
Second straight day for FIIs to be on selling side where FIIs sold 1027.94 crores and DIIs bought 302.45 crores .
Always remember FIIs number will always decide the direction of our market , until they turns to positive our markets may go with weak.
Markets started making new pattern from the past 3 days , Do you find it? yes it is making a new pattern in our markets , First one , markets are opening with gap-up or gap-down on everyday and correcting the gap ,as it is not going in the same direction after opening with gap-up or gap-down and
second one is if you see Bank Nifty futures with any time frame , no one is building the contracts as everyone is unwinding their positions ahead of monthly expiry and this point we clearly mentioned on last analysis as we said this is an monthly expiry so many people will exit their positions and add to next month contracts and these two reason giving a clue mainly first reason, that market changing the cycle so we need to adopt it other wise we will burn our hands.
Coming to Global markets :- Last night U.S and U.K futures closed at positive and currently Dow Jones , Nasdaq and U.K futures are trading at higher.
Most of the Asian futures are trading at higher.
SGX Nifty is up by 69 points as of now.
Coming to India :- Today our markets may open with gap-up based on SGX Nifty and global markets clues.
Chasing gap-ups is not a good sense as we already mentioned in the 6,7 points so wait till 10A.M and decide the direction.
Nifty had a resistance at 15,800 , any move above 15,800 is an upside direction for us but if it directly open with gap-up above 15,800 then it is not predictable , markets may correct also .
Bank Nifty broke 35,000 one more time and if today it didn't break 35,000 to upside then weakness may continue.
Today is an Wednesday so expect erosion moves from afternoon and markets are so much volatile so its better to do perfect scalps rather than trading on every single candle .
The one who is looking for support and resistances based on OI data with chart analysis :- Nifty put side there is unwinding happening and Call side added more contracts which indicates bearish but SGX nifty and global markets are showing positive so for sure markets will open with gap-up but lets see whether it will hold with positive moments or follow the new pattern.
Nifty had a resistance at 15,800 and 15,893 and support at 15,691.
If Bank Nifty is dancing at 35,000 then try to avoid the trade so trade only if it move away from 35000 and further resistance at 35,363 and support at 34,410.
All The Best , Trade With Discipline.