Yesterday Markets closed in red for the 4th straight day.
All sectors under performing.
Yesterday last 30mins markets fell drastically and the main reason for severe fall due to increasing the cases in Maharashtra and Modi ji is planning to put lockdown in that state and if it happen then our markets may fall further because Maharashtra alone contributes 14.5% GDP so if lockdown started then it may effect to economy but currently they didn't put lockdown still surprise to many.
India VIX didn't shot up even markets fell drastically and the chances of bounce back is more from lower levels but we need to focus on some major support levels to expect that bounce.
As FIIs bought 2625.82 crores and DIIs sold 562.15 crores , considering the way FIIs and DIIs number markets may correct now or else we may see big selling number today.
Nifty had a support at 14650 ,if it breaks then the chances are very high to fall up to 14,450 and 14,450 to 14,500 levels are very crucial and max it will take support at 14,450 and the chances of bounce back is more or atleast it will consolidate for sometime before going to break.
Bank Nifty broken all major supports and if it breaks yesterdays low then it will fall freely up to 33600 for sure and the chances of bounce back is more once it touch 33600 or expect some consolidation at that level before it breaks.
Coming to global markets :- Yesterday US markets closed at higher but UK markets closed in little bit negative.
Currently Dow Jones , Nasdaq and UK futures are trading at higher.
All Asian markets are trading at higher.
SGX Nifty is up by 153 points as of now.
Coming to India :- Today our markets may open with gap-up based on SGX Nifty and global market clues.
SGX Nifty is trading at 14,920 and our Nifty may open above 14,850 levels today.
If our markets open with huge gap-up then watch first 20 mins to decide the trend , if it holds the gap-up in the morning session then today will be the correction day. and based on morning moves afternoon moves will be decided .
Mark yesterdays low as support and if it breaks that level then severe selling pressure today.
Today is an expiry day as volatility will be at it peaks so be cautious while holding the trade.
The one who is looking for support and resistances based on OI data :- Nifty had a crucial resistance at 15k and the chances of closing below 15k is high today and support at 14,500.
Bank Nifty had a resistance at 34,500 and 35000 and if it breaks 34k level towards downside then expect some sharp fall.
All The Best , Trade With Discipline.