October 29, 2020
Time: 8 am
- We are coming to the end of October series.
- It is a 5 week series with corporate results.
- Usually this kind of series will be highly volatile.
- Nifty moved from 10800 to 12000 in two weeks and then consolidating between 11660 and 12025 with huge volatility.
- There were violent sell off in intraday many times.
- Even yesterday Nifty fell more than 250 points intraday.
- Bank Nifty in last two days, up 200, then down 500, then up 900, then down 900 and up 200.
- US and European markets fell more than 3% yesterday due to corona virus surge.
- FIIs have sold for Rs 1131 crores in Cash market.
- Considering the kind of fall in markets, this figure is not big.
- Markets got into panic mode when Europe fell drastically in the afternoon.
- Right now SGX Nifty is trading about 60 points lower.
- There will be more selling if Nifty breaks 11660.
- In US, VIX crossed 40.
- That is not a good sign for bulls.
- In last 15 minutes, Dow fell more than 200 points.
- Most European markets are trading at June level.
- Remember our June level is Nifty 9500.
- MSCI rebalancing may bring 18 billion and that news may cap the downside here.
- Axis Bank results are in line with expectation.
- But after good results, stocks have been falling.
- With that tradition, Axis Bank may fall.
- Asian markets are all in Red.
- But we have already factored in some extent yesterday, so we may not fall as much as Asian markets.
- But intraday panic may be there.
- Nifty future may trade between 11620 and 11780.
- Nifty 11800CE and 11900CE added huge OI.
- Bank Nifty may come under more pressure.
- Recent low of 23900 should be a good support.
- Planning to close most of the positions due to US elections.
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