Yesterday after flat opening markets closed at ATH by the EOD.
Where as Nifty rallied 61.40 points ,Sensex gained 193.58 points and Bank Nifty shot up 192.10 points.
After long time FIIs turned to positive yesterday by pumping 532.94 crores and DIIs sold 231.80 crores.
Finally Bank Nifty closed above 35,715 but we don't think that it is an breakout , it just closed at that level 35,715 due to the hope on cabinet reshuffle.
Remember FIIs are on negative side from many days but for the first time yesterday they turned to positive with only one hope on cabinet shuffle .
But the cabinet shuffle is not that much interesting and even every investors thought that Finance Minister is going to replace by Anurag Thakur ji or Amit shah ji but it couldn't happen and every investor closed our markets at higher from the past three days due to that hope .
Everyone knows what Nirmala Sitharaman will do for next one year too and that is not an interesting news for everyone.
Lets me tell you one real example , we prepared very well from many days for a government job with a big hope and we missed it in 2 marks but for self motivation what we did? shall we give up or move on to the next job ? obviously we will apply for next job for not disappointing our self and to motivate our self and this time we have some knowledge which we prepared for first job and second job notification came with same criteria like first job then definitely we will try for that.
Similar way our investors prepared for a big event that is cabinet reshuffle(first job) but their expectations failed but will investors give up ? No , they already pumped some money in the market with a hope and they don't want to loose it and they have to move on and unfortunately second job notification came (Crude price came below 73.5$) now their money already pumped in it so they bring the market to upside but don't think any aggressive moves , they will just go upside with normal moves.
Till now we talked with positive side but if we think with negative side if investors give up then they will unwind their complete positions then we may see drastic fall and lets see how markets react today.
Coming to Global markets updates :- Last night U.S and U.K are closed at higher and Currently Dow Jones , Nasdaq and U.K futures are trading with flat in negative.
Most of the Asian markets are trading at lower.
SGX Nifty is down by 55 points as of now.
Coming to India :- Today our markets may open with gap-down based on SGX Nifty and global markets clues.
Looks like based on data like Bank Nifty last 3 days strong closing side towards upside and Crude fall and everything is bullish but the biggest thing is yesterdays disappointing news about cabinet reshuffle and global markets are also weak so lets see how our investors will make a move by today .
Still If you didn't understand then check 5,6,7,8,9,10 points and see what we said then you will get answer.
The one who is looking for support and resistances based on OI data with chart analysis :- Nifty ATH is an crucial level and 15,780 is an support and if it breaks then markets may fall up to 15,650.
Bank Nifty 35,715 will be still resistance and support will be 35,000 if it breaks then fall will be drastic.
All The Best , Trade With Discipline.