NIFTY
Today ,market went below 15000 and took support at 14960 which was marked yesterday . The level was held for a major part of the day and when that level was breached Nifty went till 14900 and the importance of 14900 was discussed in yesterday's analysis.
Market is showing signs of reversal from 14900. The support was taken and on the 15min time frame it is a morning star pattern which is a bullish reversal. We have the 200 ema of 15min at the same level and it can also be considered as a triangle breakout and retest. The level is also near the 50% retracement of the previous upmove. So all the people who have missed the rally will be trying to enter long in this range.
Few points from OI Data.
Fiis have exited longs and added shorts for today on index(Bearish)
clients have net added longs in stock futures(bullish)
F)iis have exited longs and added shorts today on stock futures(Bearish)
As per todays trading activity Fiis have taken a slight bearish sentiment on the market,but out of total FII index contracts 55% is still on the long side which has not changed much from yesterday.
Global markets are flying high both european markets and american markets after 2 to 3 days of fall and that has changed the mood in SGX nifty as well ;Sgx nifty is currently trading above 15000.
Clubbing all the facts:
Technically market is at a very good buy on dip structure and it is more likely to move up from here.
Global markets are highly positive as of now which supports this.
Fiis trading activity is slightly bearish that might be due to yesterdays fall in global markets.
If global markets stays like this We will be having a gap up opening and Personally I think market will be sideways for tomorrow. After a dip market needs to have a breathing space before moving up further.
I will not be trading index personally as i think it will be a sideways tomorrow.
Important levels for me are marked on the chart.
This is purely my personal view on the markets. Markets are supreme and I will be changing my plan if market disapprove with this view.
Trade at your own risk to reward
Comment:
The market needs to sustain above 15030-15060 levels to rally higher.
Comment:
what a rally in the market fuelled by banknifty.
against my expectation; still made some good money.
against my expectation; still made some good money.