One more day for Indian markets to close in red due to selling pressure from IT , Select Banking stocks ,FMCG and pharma stocks.
Where as Nifty dropped 85.80 points , Sensex fell 282.63 points and Bank Nifty declined 171 points.
Auto stocks , Cement stocks, HDFC Bank and Bajaj Finance supported the market today.
FIIs bought 3156.53 crores and DIIs bought 1317.20 crores but everyone is surprising how markets fell yesterday , there was two reasons for yesterdays market fell , either Retail traders pull the market down or else Institutional investors only pumped on selected weightage stocks.
Nifty from last two days it opened above 15,800 but failed to hold it and if it didn't break 15,800 towards upside then the chances of fall up to 14,600 or 14,500 is more.
Today is an monthly expiry so we will see lot of adjustments and un windings today due to that markets may play on both sides.
Today is one more big day for us , that is Reliance AGM and it will lead Nifty today and any fall or raise will decide the direction of Nifty but banking stocks are under performing, one side weak performance from IT , Banking stocks and another side Reliance AGM so markets will play based on data today not global clues and if global clues also in favor of markets then the moves will be drastic.
Coming to Global markets :- Last Night U.S and U.K markets are closed in red and currently Dow Jones , Nasdaq and U.K futures are trading at higher.
Most of the Asian markets are trading at higher.
SGX Nifty is up by 26 points only as of now.
Coming to India :- Today our markets may open with little bit gap-up based on SGX Nifty and global markets clues.
Remember markets are filling the gaps from the last 4 days so chasing gap-up is not a good sense so expect one round for sellers in the morning and second half will be expiry moves.
Bank Nifty is trading with a lot of ranges and the main range is 35700 to 34000 but there is some inside struggle points for Bank Nifty at 34,400 and 35,000.
And also yesterday Bank Nifty was in range bound and mark yesterdays high and low if it breaks any one side then it will be a direction for us and also closing time markets may be volatile due to ahead of Reliance AGM so don't go with naked quantities at closing hours.
The one who is looking for support and resistances based on OI data with Chart analysis :- Nifty any upside rally possible only if it breaks 15,800 and downside 15,647.
Bank Nifty had a resistance at 35,000 and downside 34,400 levels.
All The Best , Trade With Discipline.