NIFTY for 31st January

NSE:NIFTY   Nifty 50 Index
Tomorrow is friday-first day of new weekly and monthly series and a day before annual budget. So is there any reason why institutions would trade/invest big money tomorrow? NO. So do not expect big or even significant moves tomorrow. Having said that, One threat still looms large over minds of marketmen, which can bring big moves to our stock market- What new will happen globally now because of corona virus outbreak ? This fear can be seen in FII figures. Yesterday's final updated figures show that FIIs were net sellers in big way in all segments - Equity, 785 Crs ; Index futures ,542 Crs ; Stock futures ,1011 Crs (rounded off figures). Today's provisional figures also show same trend. FIIs were net sellers by 928 Crs and DIIs were net buyers by 292 Crs . Please remember that yesterday DIIs were net buyers by almost 1500 Crs - so they toned down their buying by big amount today. If you see current global market status, at the time of writing (22:15 IST), DJIA is 96 points down, FTSE closed 1.36% down, CAC & DAX both down by 1.40%. The fear is real. Please check my video posted on youtube under channel name Market Movers India for slightly more analytical content. Option chain is yet non-commital which is understandable so no great data is forthcoming from there. On daily chart , Nifty made a strong bearish candle which belied yesterday's expectations by many that markets may move up from yeaterday's close. Understand that Nifty was in downturn and then Corona virus happenned so Nifty's slide just accelerated. HNIs/institutions will wait for budget before they put sizeable money in market. On 15 minute chart, there are no clear cut buying or selling levels. There is one resistance where some chance for shorting NIfty can be taken with strict SL since it actually is not good selling area.
All the best. Happy trading.

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