Fact.
1. Indian market opens gapped down
yesterday and closed in the red. Which conveys a bearish sentiment of the market.
2. There are about 3 Lakhs of open
interest added in Nifty Future (Short Build up), the max pain is at 17200.
3. Yesterday, there was huge selling in
Index heavyweight stock -INFY, HDFC, and HDFC twins which were the main dragger
of the market. So, these stocks will stabilize we will see some recovery in the
market.
4. FII has selling continuously for 7
trading sessions, today they also may sell.
5. In the commodity market, Gold,
silver, and Crude oil are slightly lower as of now, which shows there is some
stability expected in the market.
6. In the global market, yesterday Dow
Jones and Nasdaq were flat and the good thing is that the SP500 Vix fell about
2.33 % which is also a good indication of stability in the market
7. Currently SGX Nifty is flat with 20
points up.
Conclusion
The
market got support around 17070, and from there it showed significant recovery.
Therefore, yesterday's lows are the crucial support and if it broke the next
support is at 17000 and 16800.
So, in my
opinion, the market should trade between 17000 to 17400 today
Disclaimer: This blog is just for educational purposes
and it represents my view. Don’t Consider it as advice as I am not SEBI Registered
research analyst or advisor. Before taking trade do your research or consult
your financial advisor. I am not responsible for any profit or loss that arises
due to trading or investing.
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