Chinese have the bad habit to play the spoilsport. Indian benchmark indices were sitting amidst the strong resistance zone and set to go correct a bit, but just a statement regarding their currency and vhroommmm... Markets broke all the resistance zones at one go.
Though it didn't hurt us much. Nifty hit the stop-loss right on the opening tick giving us the loss of 3300 Rs per lot. But Kotak Bank-SBI pair trade strategy proved to be a jackpot for us where it gave us profit of 23000 Rs per pair. Tata Motors-M&M strategy is not giving us much profit at the moment.
Anyways, lets come back to Indian Equity markets. Chinese assurance of Yuan appreciation against dollar was welcomed by the equity markets worldwide. Hang Seng closed 3% up, Indian equity markets went up by 1.72%, Europe is up 1% and Dow Jones has also opened 1% up.
Provisional data released by exchanges also gives a positive impression. Foreign Institutional Investors have emerged as net buyers by 1500 Crores. In the derivatives segment too, FIIs have been net buyers in Index and Stocks Futures.
Technically too, Indian stock markets have crossed a major hurdle and now 5280-5300 act as a strong support level for Nifty. Further down, 5190 acts as a major support level. On the upside, Nifty now is likely to face strong resistance in 5380-5440 range. It is likely probability that Indian markets may ovecome this hurdle slowly and steadily and hence, traders may fancy chances to sell Nifty around 5400 levels with stop-loss of 5440 and target price of 5310.
Among stocks, one may sell Maruti futures in 1375-1380 range with a stop-loss of 1410 and target price of 1330.
Wishing you a great trading day tomorrow!!!
Though it didn't hurt us much. Nifty hit the stop-loss right on the opening tick giving us the loss of 3300 Rs per lot. But Kotak Bank-SBI pair trade strategy proved to be a jackpot for us where it gave us profit of 23000 Rs per pair. Tata Motors-M&M strategy is not giving us much profit at the moment.
Anyways, lets come back to Indian Equity markets. Chinese assurance of Yuan appreciation against dollar was welcomed by the equity markets worldwide. Hang Seng closed 3% up, Indian equity markets went up by 1.72%, Europe is up 1% and Dow Jones has also opened 1% up.
Provisional data released by exchanges also gives a positive impression. Foreign Institutional Investors have emerged as net buyers by 1500 Crores. In the derivatives segment too, FIIs have been net buyers in Index and Stocks Futures.
Technically too, Indian stock markets have crossed a major hurdle and now 5280-5300 act as a strong support level for Nifty. Further down, 5190 acts as a major support level. On the upside, Nifty now is likely to face strong resistance in 5380-5440 range. It is likely probability that Indian markets may ovecome this hurdle slowly and steadily and hence, traders may fancy chances to sell Nifty around 5400 levels with stop-loss of 5440 and target price of 5310.
Among stocks, one may sell Maruti futures in 1375-1380 range with a stop-loss of 1410 and target price of 1330.
Wishing you a great trading day tomorrow!!!
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