So that missing piece - closing above 25200 - we lost again.
Reason - FIIs are taking out cash from Indian market as per data.
Why? Because they sense many big companies might report negative earning - hence index trading is not suitable for them.
During Quarterly Earning Season, promoters shift their money from one to another. Mutual funds rebalance their portfolio from weak to stronger. And Institutional Money like FII don't like surprises on their positions. They go with the plan.
If I would have been the FII, what I would be doing is - wait for the earnings to announced and then see which companies have given great results and which have their sales increased. Then, after the Earning Season is over, I'll re-position myself with clean charts. Avoid any volatality. Any surprises.
So that's why they are doing exactly.
Because of that, maybe your setups won't work like they do in usual condition. So if you feel you're getting stuck or Stoloss hitting more than normal, dont be surprised.
A good practice would be to stay away from trading for while and let the market settle for a bounce back.
However, I'm a professional trader and I need to earn in any market condition. Hence I have strategy for every situation.
Me and my students use Earning Pivot to give ourselves an edge against unpredictable market structure during Earning Seasons.
So this would be wise to stick to this setup only for a time being.
Coming to the market,
NIFTY has given a Supply candle today with sellers outnumbering buyers by 93 million volume.
Now if 25000 is broken we can see a deeper cut in the index. Maybe near 24750.
However, the immediate support is at 24980. Resistance now at 25155.
If we get a bounce to this, we can build a short position. Yeah, from now on market might turn on Sell-on-Rise mode.
BANKNIFTY short term support formed at 56050. Resistance 56965.
Many IPO stocks are showing good strength with bullish structure. Hence I will be focusing there.
Today I traded just one stock and also given here to all of you and that hit Upper Circuit. Remember it was from IPO sector. Name is
NSE:#IXIGO.
Traded
ANANDRATHI as Intraday and got 4% upside in that as well. So overall the day ended in positive note for our community. Cheers on that!
That would be all for today. Take care. Have a profitable day ahead.
Reason - FIIs are taking out cash from Indian market as per data.
Why? Because they sense many big companies might report negative earning - hence index trading is not suitable for them.
During Quarterly Earning Season, promoters shift their money from one to another. Mutual funds rebalance their portfolio from weak to stronger. And Institutional Money like FII don't like surprises on their positions. They go with the plan.
If I would have been the FII, what I would be doing is - wait for the earnings to announced and then see which companies have given great results and which have their sales increased. Then, after the Earning Season is over, I'll re-position myself with clean charts. Avoid any volatality. Any surprises.
So that's why they are doing exactly.
Because of that, maybe your setups won't work like they do in usual condition. So if you feel you're getting stuck or Stoloss hitting more than normal, dont be surprised.
A good practice would be to stay away from trading for while and let the market settle for a bounce back.
However, I'm a professional trader and I need to earn in any market condition. Hence I have strategy for every situation.
Me and my students use Earning Pivot to give ourselves an edge against unpredictable market structure during Earning Seasons.
So this would be wise to stick to this setup only for a time being.
Coming to the market,
NIFTY has given a Supply candle today with sellers outnumbering buyers by 93 million volume.Now if 25000 is broken we can see a deeper cut in the index. Maybe near 24750.
However, the immediate support is at 24980. Resistance now at 25155.
If we get a bounce to this, we can build a short position. Yeah, from now on market might turn on Sell-on-Rise mode.
BANKNIFTY short term support formed at 56050. Resistance 56965.Many IPO stocks are showing good strength with bullish structure. Hence I will be focusing there.
Today I traded just one stock and also given here to all of you and that hit Upper Circuit. Remember it was from IPO sector. Name is
NSE:#IXIGO. Traded
ANANDRATHI as Intraday and got 4% upside in that as well. So overall the day ended in positive note for our community. Cheers on that!That would be all for today. Take care. Have a profitable day ahead.
TrendX INC
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
TrendX INC
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.