The global market fell heavily in yesterday’s session as fear of the second wave of selling kicked in.
Dow closed around 3% down whereas Nasdaq was down 2.1%
Nifty50 Technical Setup
Nifty shredded 250 points from the day high after 4 days of the continuous nonstop rally.
We saw a heavy profit booking at 10500 levels. On daily charts, we failed to close above 10330 levels and Nifty formed bearish engulfing which is a clear indication this rally is going to pause for a while.
10220-10250 levels needed to watch for tomorrow, if it is broken we might see another 150-200 move on the downside.
If we see a heavy gap down opening then close watch on global markets should be maintained as they could decide the next course of markets.
Nifty50 Supports: 10250, 10000
Nifty50 Resistance: 10390, 10440
Results Calander
Today all these companies will be publishing their respective results.
Apollo Hospitals Enterprises, Ashok Leyland, Bank of India, Container Corporation of India, Endurance Technologies, Engineers India, Future Supply Chain Solutions, Galaxy Surfactants, Gravita India, Hindustan Aeronautics, Indiabulls Ventures, ICRA, IDFC, Indian Terrain Fashions, Insecticides India, Indian Overseas Bank, JB Chemicals, Lincoln Pharmaceuticals, Prince Pipes and Fittings, Sintex Industries, Somany Ceramics, Star Cement, TTK Prestige, V2 Retail, Varroc Engineering, Zuari Global, etc
FIIs Data
FIIs have decreased index futures long positions but bought heavily in the cash market. There is a possibility that they are trying to hedge their long position with a short one.
For time being Nifty50 upside looks capped and the downside is open till 10000 levels. Traders should avoid heavy long positions till we don’t close above 10350 levels.
