Nifty made impressive gains on Friday. When IIP and CPI numbers were released on Thursday, I thought that it would cast its effect on markets next day. However, tweet from Trump signalling that US and China are likely to reach trade agreement soon and Boris Johnson’s win paving way for Brexit, did pushed our markets up. Later in the day markets, I felt, could have dropped some points but for the announcement that FM is going to hold a press conference helped markets retain those points. But the press conference turned out to be a dud affair. So some reaction of that disappointment is expected tomorrow. Please check my video posted on youtube under channel name Market Movers India for slightly more content. Both FIIs & DIIs were net buyers in small figures. They do not suggest any particular direction. Option chain data does show 12000 as strong support but no clear cut resistance level is seen since Call writing is divided. On daily chart, Nifty made a strong green candle, actually third green candle in a row, with higher high, higher low and higher close. However, here upside is limited and for reasons mentioned above, nifty may dip down tomorrow. Unfortunately, there are no clear levels for buying or selling on 15 min charts.
All the best. Happy trading.
All the best. Happy trading.