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Time: 9 pm
Post Market Report:
- Nifty future briefly traded below 6500 but closed above 6500.
- Europe opened lower and did not support our markets.
- Once again huge selling by DIIs, they have sold for Rs 564 crores.
- But FIIs continued to buy, they have bought for Rs 722 crores.
- IT stocks are the only group that did well today.
- Pharma stocks rose modestly.
- Rupee recovered about 15 paise from the low.
- Now an important event risk of Fed announcement is out.
- So there are no more negative news going ahead.
- So when this bad news has already factored in, Nifty is not likely to fall much from here.
- On the contrary, it may shoot up if FIIs continue to buy and if global news flow turns positve.
- Nifty will be in consolidation mode for some more days.
Comments
hello sir, already you told , this month nifty expire between 6780 to 6820.but in this situation is that possible or not sir.
ReplyDeleteOne can buy April 6700 CE (60-65) tomorrow and SELL April 6400 CE next week (when Nifty near 6675-6740) around 400-450 lvls.. Markets may consolidate/move down next month.
ReplyDeleteYesterday's Fed announcement that it will raise rates next year came as a shock and all markets in the world fell. But today, US markets wiped out yesterdays loss and still going up as of now. We have given our view based on the fact that Nifty tried to cross 6600 few times. We still feel that today's reaction is too much. Tomorrow Nifty is likely to open gap up by 30 to 40 points. Then there may be short covering towards the end of the day.
ReplyDeleteIf Nifty closes between 6560 and 6580 by tomorrow, then Nifty expiring in the range of 6680-6720 is still possible.
Reply to Prabhu Veeraraghavan: It all depends on global cues, RBI policy, FII buying and most importantly news from political side. Though it is too early to predict, Nifty is likely to trade between 6400 and 7000 in April. Let me do paper trading your strategy, let us see what happens.
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