27SEP2021

Last Session:
🟡 #Nifty Fut traded in narrow range of 17820-17935. Lack of participation before weekend. Expansion will give direction.
🔴 #BankNifty faced resistance near 38112.75. Bullish trades can be initiated once it clears this headroom resistance.
🔴 FII's were net seller of 1000cr. DII's also sold 515 cr equities. Monthly expiry; lets wait for more data formation.

Technicals:
🟡 Momentum indicators RSIStairs continues to remain overbought in Nifty D(77.00), W(80.87), M(79.90). ADX D(45.96)
🟢 Everyday 1-2 #Nifty heavyweights come to rescue rising by 3-5% and helping markets move higher. No sign of exhaustion.
🟢 Result season also can give some more boost. This bull market doesn't seem like to take any pause at all & move high.

Global markets (Last Session):
🟢 US markets closed flat. As #Long as Dow trading below 34876/35097 this may be considered as a pullback from breakdown.
🔴 European markets closed lower. Chart setup on daily TF looks weak in DAX/UKX/CAC40. Need to wait for further direction.
🔴 US 10YR bond yield saw some traction last 2 days. It rose by 6.52% this week with RSIStairs breaking out above 55 mark.
🔴 Brent Crude trading at 3 year high of 78.01. On monthly it has given broken out above 12 years trend line resistance.
🔴 Dollar index has been sustaining above 93 CMP @93.27. Awaiting #CupAndHolder and #DoubleBottom BO above 93.60. Caution.
🔴 Precious metals Gold/Silver down by 3.5/6.5% this month & looks weak and has potential to correct even more from here.

Global markets (Morning Cues):
🟢 Asian markets are trading higher. SGX Nifty trading higher indicating a gap up opening in the Indian benchmark indices.
🟢 US futures trading higher with 0.5% gains. Europe futures also trading higher with 0.5% gain. Global cues very bullish.

News & Other Data:
🟢 FED FOMC meeting was a nonevent. Markets took it positively & bounced. Lets see if its a pullback or bullish reversal.
🟢 Trend/momentum in favor of bulls. This week, Nifty could make record longest rally of 377 days without 10% correction.
🔴 India VIX rose by 87% from the last week low of 9.02. Rising volatility will lead to increase in IV & option premiums.
🟢 Apart from rising Crude/DXY and 18000 psychological level the bulls are placed comfortably even after such a Long rally.

#Nifty Fut 17605/17666/17740/17801-17935/17987/18035/18090
RDX Trend & Momentum Score - 75M(5*)/1D(6*)/1W(6*) #Bullish

#BankNifty 37015/37275/37441/37594-37956/38116/38225/38415
RDX Trend & Momentum Score - 75M(3*)/1D(4*)/1W(4*) #Bullish

🟣 All levels to be considered on 15M candle closing basis
#TradePlan #PreOpenUpdate #IndexFutLevels #27SEP2021

TradePlan:
🟢 Trading and sustaining below 17666 will give any sign of weakness. Can be a SL for #Long. So far all is well & bullish.
🟢 Below 37594 on HCB we may see some profit booking in #BankNifty. Buy if #BankNifty trade & sustain above 38115 for 15M.
🟠 Selling 17900 #Straddle with some hedge/protection can be a good idea with balance funds to adjust in case of move.
🟢 HDFCBank, M_M, TataChem can be looked for #Long side. Metal & IT stocks may see profit booking going forward.

Comment:

Update on the TradePlan:

🟢 17900 #Straddle lost 25 premium from opening. Good
🟢 HDFCBank (1.47%), M_M (+4.09%), TataChem (+3.09%)
🟢 #BankNifty above 38115 made high of 38395 (+285)