Last one hour selling pressure made markets to close at flat in negative territory on Friday.
Where as Nifty closed with a loss of just 15.50 points , Sensex fell 66.23 points and Bank Nifty tanked just 107.15 points.
Most of the sectors are under performing like Reliance , Financial , IT , Metal sectors and mainly weightage stocks are under performing.
Sun pharma shot up 10% at 02 P.M on Friday due to positive results.
FIIs sold 3848.31 crores which is an highest selling number till now from last 3months and DIIs bought 2956.68 crores as usually they protected the market.
Monthly first week Auto sales data will come so focus on auto stocks.
Few stocks left to declare their results and out of them Today HDFC is set to declare the results and SBIN is left to declare.
At the end of the July month Nifty & Bank Nifty was closed with Doji's which is no gain & no loss and ,
There is nothing to discuss in this market mainly in the range bound and clearly as we said on June last week itself that markets is going to be in range bound for next few months but the surprise is FIIs are selling with big number but still markets are consolidating due to DIIs buying & some levels protection and .
We don't have any good or bad news to trigger the market to directional move so expect range bound moves only, however SEBI reduced the quantity freezing limit so today onwards we may not see big spikes but we will witness huge volatility now and it will effect to many beginners who cannot handle the volatile, we suggest every scalper to go with less capital until and unless you understand the new volatility.
Coming to Global markets :- Friday U.S and U.K markets closed at lower and Currently Dow Jones , Nasdaq and U.K futures are trading with positive.
Asian markets are in green.
SGX Nifty is up by 119 points as of now.
Coming to India :- Today our markets may open with huge -up based on SGX Nifty and Global markets clues.
For sure markets will open at resistance levels and chasing huge gap-up at resistance levels is not a make sense so markets may see some sell -off in the first hour and after that it will move based on weightage stocks move.
Also mark Fridays high and low as support and resistances for short term because those levels are the range which is trading from past 2 days and breaking those levels with good volume makes sense for us to enter.
Major levels for Bank Nifty is 35,000 and 34,400 as per today and Nifty 15,820 , 15,880 for upside and Down side watch 15,748.
All The Best , Trade With Discipline.
Wishing You A Profitable Day.