Today's recovery was expected since after two days of sustained fall, world markets closed in green last night and SGX Nifty
was trading in green at our openning times. However, if you see intraday movement, Nifty
could not sustain highs. So it openned around 60 points up from yesterdy's close and closed around14 points above openning price. So intraday rise was just around 14 points. Please check my video posted on youtube under name Market Movers India for slightly more but similar content. FIIs were Net Sellers (1014 Crs
) and DIIs were net buyers (1521 Crs
) today. DIIs bought beyond their normal daily limits as can be seen by volumes. As for yesterday's final report, FIIs sold heavily in all segments- Equity, index futures
and stock futures
. In a nutshell FIIs will continue to sell till this Corona virus outbreak gives some soothibg news. As of now 132 people are reported dead in China and total of 6000 people have beed recorded as infected there. More than 15 countries are said to have confirmed cases of virus infection. So this threat will weih on world and asian markets for next few days to come. Nifty's Option chain shows that on PUT side highest total OI is at 12000 strike so it can act as good support for tomorrow. On CALL side, highest total OI is at 12200 so it can act as reliable resistance. ON daily chart
made a base like candle with long upper wick suggesting selling pressure from top. On 15 min chart, a selling area is marked where one can take a short trade with SL.
All the best. Happy trading.