Indian Equity markets had a tough session on Tuesday as it failed to capitalize on the gains made during Monday. Almost every sector fell, the maximum hit is taken by Metal stocks that have fallen between 3-4%. Similarly Infrastructure and Financial stocks fell in the range of 2-3%.
Provisional data released by exchanges indicate bearishness as both Foreign Institutional Investors and Domestic Institutions have been net sellers by 200 and 150 crores respectively. In the derivatives segment too, FIIs have been net sellers by around 2000 Crores in the Index and Stocks futures. In the Options segment as well, FIIs have been net buyers. The call writing of 5300 and 5400 Nifty Strike Prices was also seen which indicate bearish trend.
US markets have opened deep in the red due to Chinese growth and bad data on consumer confidence. It has again gone down below 10000 mark which indicates that it is likely to correct further too. 9840 level should provide key support. If Dow Jones breaks this level, we might see the index heading towards 9200 level.
Technically, Nifty has broken down its key support level of 5280 and closed at 5250. The next strong support level is seen around 5125-5145 levels. Once it breaks then the next support level comes at 5040-5060. On the upside, one may continue to face some resistance in 5360-5390 range.
For tomorrow, Nifty might have a gap down opening around 5160-5180 if Dow Jones closes below 10000. One may sell Nifty futures around 5200-5210 range with stop-loss at 5230 and target levels of 5160. If Dow Jones recovers and close above 10000 then we might see Nifty taking support @ 5200 levels. In such circumstances, one may buy Nifty in 5200-5205 range with stop-loss of 5180 and target levels of 5235.
Among the stocks, TCS sell strategy seems to do well. It is trading below the recommended price of 767. Gujarat Flourochemicals and Max India have declined though still trading above the recommended price. Tata Motors-M&M strategy is still intact... Wow 16 days now...
Wishing you a great trading day tomorrow!!!
Provisional data released by exchanges indicate bearishness as both Foreign Institutional Investors and Domestic Institutions have been net sellers by 200 and 150 crores respectively. In the derivatives segment too, FIIs have been net sellers by around 2000 Crores in the Index and Stocks futures. In the Options segment as well, FIIs have been net buyers. The call writing of 5300 and 5400 Nifty Strike Prices was also seen which indicate bearish trend.
US markets have opened deep in the red due to Chinese growth and bad data on consumer confidence. It has again gone down below 10000 mark which indicates that it is likely to correct further too. 9840 level should provide key support. If Dow Jones breaks this level, we might see the index heading towards 9200 level.
Technically, Nifty has broken down its key support level of 5280 and closed at 5250. The next strong support level is seen around 5125-5145 levels. Once it breaks then the next support level comes at 5040-5060. On the upside, one may continue to face some resistance in 5360-5390 range.
For tomorrow, Nifty might have a gap down opening around 5160-5180 if Dow Jones closes below 10000. One may sell Nifty futures around 5200-5210 range with stop-loss at 5230 and target levels of 5160. If Dow Jones recovers and close above 10000 then we might see Nifty taking support @ 5200 levels. In such circumstances, one may buy Nifty in 5200-5205 range with stop-loss of 5180 and target levels of 5235.
Among the stocks, TCS sell strategy seems to do well. It is trading below the recommended price of 767. Gujarat Flourochemicals and Max India have declined though still trading above the recommended price. Tata Motors-M&M strategy is still intact... Wow 16 days now...
Wishing you a great trading day tomorrow!!!
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