Today’s big news: India’s daily Covid cases, in one day, cross 2,00,000 for the first time; The daily case load jumped from 1 lakh to 2 lakh in just 11 days ( In US it took 21 days); The death toll is highest after 3rd October, 2020, at 1038 dead in last 24 hrs.
You may ask that this news came in the morning and if any adverse effect was going to play out it should have played out during the day itself. Correct, if today would have been a normal day. But since it was the weekly expiry day there are some expiry issues and institutions do take trades to adjust their positions resulting in index management. But tomorrow is start of next expiry series and I am apprehensive again because of this scary development. Let us check other data.
Since we are battling local weak cues there is no point in seeing global markets. Right now SGX nifty is trading at 14610, slightly above today's close.
1) FIIs were net buyers in Equity (980 Crs) and DIIs were net sellers (526 Crs). The index and stock future data for FIIs is not updated and hence can’t comment on that.
2) Not many traders have taken positions and hence broad bracket for trading is of course 14500 to 15000.
3) On 15 minute chart, a buying area is created which is marked (14405 to 14430) but trade here with caution because of the reason mentioned above. We stand a better chance of reversal if long trade is taken at 2nd buying area ( same as yesterday). Nifty can be shorted at 2 resistances marked, which I had mentioned yesterday.
You may ask that this news came in the morning and if any adverse effect was going to play out it should have played out during the day itself. Correct, if today would have been a normal day. But since it was the weekly expiry day there are some expiry issues and institutions do take trades to adjust their positions resulting in index management. But tomorrow is start of next expiry series and I am apprehensive again because of this scary development. Let us check other data.
Since we are battling local weak cues there is no point in seeing global markets. Right now SGX nifty is trading at 14610, slightly above today's close.
1) FIIs were net buyers in Equity (980 Crs) and DIIs were net sellers (526 Crs). The index and stock future data for FIIs is not updated and hence can’t comment on that.
2) Not many traders have taken positions and hence broad bracket for trading is of course 14500 to 15000.
3) On 15 minute chart, a buying area is created which is marked (14405 to 14430) but trade here with caution because of the reason mentioned above. We stand a better chance of reversal if long trade is taken at 2nd buying area ( same as yesterday). Nifty can be shorted at 2 resistances marked, which I had mentioned yesterday.