Yesterday Nifty fell 300 points from intraday high and Bank Nifty fell 1100 points from intraday high.
Yesterday First one hour markets under performed and it was huge selling pressure but last one hour it was pure short covering and Nifty recovered almost 200 points from intraday low and Bank Nifty recovered 750 points .
The major reason for fall is due to rise in US bonds and brent crude and some domestic news in our country , one of the major reason is rise of corona cases in India and few states are planning to put lockdown again.
Heavy weightage stocks like Reliance , Financial stocks are under performing.
Second straight day for both FIIs and DIIs to be on selling side , as FIIs sold 1101.35 crores and DIIs sold 749.71 crores.
Coming to global markets :- Yesterday UK markets closed in red and after that US markets turned to positive and closed at higher.
Currently Dow jones trading with 30points negative and UK futures are trading with positive bias.
All Asian markets are trading in green.
SGX Nifty is up by 40 points as of now.
Coming to India :- Today our markets may open with flat based on SGX Nifty and global markets clues.
Still we are sitting with bearish market only and any gap-up will be sell off today in the morning hours and afternoon session expect some wild moves to adjust the premium prices.
Any fall can expect if yesterdays low breaks with good volume.
Markets may turn bullish if heavy weightage stocks like Reliance and Banking stocks perform.
Whenever we see these kind of markets , its better to trade on specific stocks along with index.
The one who is looking for support and resistances based on OI data :- Nifty 15,200 , 15,300 , 15,400 was added more contracts in weekly options which will act as crucial resistances and support at 14,750 .
Bank Nifty had a resistance at 35,500 and 36k and consider support as yesterdays low and once it breaks then expect some sharp moves towards downside.
All The Best , Trade With Discipline.