Markets lost all the gains in the last hour of trade and finally Nifty closed with a loss of 0.44% (63.10 points) , Sensex was down by 0.51%(243.62 points)and Bank Nifty lost 0.3%(95.70 points).
Nifty fell 300 points from intraday high and Bank Nifty fell 700 points from Intraday day high.
HDFC Twins and Infy only dragged 62.5 points and hope you understand right now ? why we always check weightage stocks .
Financial , IT stocks are main stocks which is dragged Nifty.
Second straight day on selling side of FIIs , as FIIs sold 1082.33 crores and DIIs bought 1323.01 crores.
Investors are getting panic to invest due to rise in Covid cases and mainly our government is taking serious actions on covid cases by putting lockdowns and night curfews in some states and focusing on vaccine so this will make little bit confident for investors and that is the reason for less fall in our markets compare to march 2020.
Tomorrow HCL Tech is declaring their results and Saturday ICICI Bank will declare and these are only 2 stocks from Nifty 50.
Nifty formed a large bearish candle with 1day time frame but 14,250 is the level which is stopping from many days and once it breaks then the chances of fall up to 14,000 is high.
Bank Nifty making support at 31,000 to 30,500 levels .
Coming to Global markets :- US and UK markets closed higher on Friday and currently Dow Jones and Nasdaq futures are trading at little bit negative but UK future are positive.
All Asian markets are mixed.
SGX Nifty is up by 98 points as of now.
Coming to India :- Today we may see a small gap -up opening in our markets based on SGX Nifty and global market clues.
But consider the way FIIs selling and our short term bearish trend still we cant expect bullish run so expect little bit pullback at support levels .
If you observe the market from last 2days , it was making a new pattern that is markets are opening with gap up or gap down after that it started correcting the gap of the whole day as it is nor rising after opening with gap up or not falling after opening with gap-down.
Even today also we may see one round for sellers in the market if our markets open with gap-up and any big fall happen in the market in the morning hours then expect consolidation of next complete hours that is in the afternoon session.
The one who is looking for support and resistances based on OI data :- 14,500 CE added more contracts which will act as strong resistance by today and chances of closing below 14,500 is more and 14,200 PE some unwinding happen so people are making another support that is below 14,200 and it gives a clear confirmation for us that is 14,200 becoming weak support now.
Bank Nifty may trade in between the range of 31,500 and 30,500 and any level taken out will be direction for us so better play on both sides today with huge volatility and if you made any profit in the morning then stay away in the afternoon or else you will loose your profit and capital both, because this is not a market to trade on every single candle.
All The Best , Trade With Discipline.