Fact.
1. On Friday FII sold 2462 Cr, while
DII bought about 1600 Cr.
2. Max Pain and PCR are at 17300 and
0.74 respectively.
3. The commodities market is in red
which may act as a cushion for the market at the lower level.
4. The Asian market, especially China
and Hongkong, are lower because of Covid 19. Shanghai reported its highest
number of daily Covid-19 deaths in the current outbreak. Other Asian markets
are falling because of the same reason that the US is facing.
5. After four days of falling streak
due to fear of interest rate hike, the US market is bracing for the stacked
week of earning, especially for Google-parent Alphabet, Meta Platforms, and
Microsoft. Therefore the Dow Jones and Nasdaq are almost negatively flat.
6. SGX Nifty is an indicating the 200-point gap down.
Conclusion.
All the above facts indicate a bearish market. If the market sustains
above 17000 by 1:30 pm, we may expect a recovery afternoon. But, if the 17000
level is broken decisively we may see the fresh selling to the level of 16800.
So today's range of trading is maybe 16800 to 17200.
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.
Comments
Post a Comment