07OCT2021Global markets (Last Session):
🟢 US markets opened lower but recovered 1.5-1.75% sharply from day low to close higher near highest point of the day.
🟢 European markets opened lower & went down by 2-2.25%. But later recovered in second half to close with 1-1.5% loss.
🟠 US 10YR yield closed lower -0.33%. DXY rose to 94.23 mark. Crude oil eased off by 2.08% to close near 80.82 levels.
News And Additional Data:
🔴 Investors worry about rising crude and commodity prices, inflation, proposed tax hike & tapering, Evergrande crisis.
🟢 Indian equity markets have total disconnect with the global markets & have outperformed its global peers by miles
Indian Indices Last Session:
🟢 #Nifty opened gap up but seen consistent selling pressure. Towards the end, #Nifty closed near day low with 1% loss.
🟢 #BankNifty had a gap up too but closed near the day low, due to consistent profit booking at higher levels near 38117.
🔴 #Short buildup seen in #Nifty with PV breakout below PDL, Both indices had weak closng near the lowest point of day.
🔴 FII's were net seller of 2575+ cr ignoring option figures which could be for hedging. DII were net sellers of 998 cr.
Technicals:
🟢 Nifty RSIStairs cooled off in daily TF but it remains overbought in W/M. D(57.00), W(73.80), M(79.06) & ADX D(38.91)
🟢 #Nifty trading above all the major moving averages 20/50/100 in D/W time frame. 20 DEMA 17542. #BearishBeltHold daily.
🟢 #BankNifty trading above all the major averages 20/50/200 DEMA. 20 DEMA at 37402. Will turn weak below next LOC 37249.
🟠 With quarterly results ahead, market may not be in hurry to correct anytime soon. May consolidate for first 2 weeks.
🔵 Till some major levels are broken DCB #Nifty (17275-17350) and #BankNifty(37249) trend and momentum in favor of bulls.
Global markets (Morning Cues @07.45 AM):
🟢 Asian markets trading higher. SGX trading up by 135 points indicating higher opening in the Indian benchmark indices
🟢 US & Europe futures trading 0.5% higher after a volatile previous session. Rising commodity price remains a concern.
Intraday Index Futures Levels
🟢 IDX Levels adjusted to expected gap up. Lower TF bearish but basis the higher TF score & global cues bias bullish.
🟢 #Nifty Fut 17505/17556/17618/17640-17743/17792/17864/17905. RDX Score- 15M(-7*)/75M(+2*)/1D(+2*)/1W(+6*) #Bullish
🟢 #BankNifty 37185/37375/37525/37749-37764/37913/38048/38173. RDX Score- 15M(-6*)/75M(+2*)/1D(+3*)/1W(+4*) #Bullish
#MarketOutlook #TradePlan #PreOpenUpdate #IndexFutLevels (View all levels only at 15M candle closing basis)
Intraday Index Trade Plan
🟢 PCR 0.59. Shorts created yesterday will be on pressure today after seeing strong global markets. Expect #Shortcover
🟢 #Nifty trading & sustaining above 17743 on 15 MCB will move higher. One can adapt buy on dips strategy in expiry day.
🟡 Adjustment: Avg yesterday 17650 Straddle with 17750/17800 #Straddle when spot near BEP 17775. Will adjust more later.
