There are mixed signals for Indian markets. FIIs have sold more than ₹6,000 crore in cash and futures combined. There is some weakness visible in GIFT Nifty. There is a mixed attitude in Asia also. Meanwhile, the US index saw gains yesterday. The Dow Jones Industrial Average jumped more than 400 points. Meanwhile, JSW Steel sold its 50% stake in Bhushan Power.
Market opened with decline
Sensex and Nifty opened with losses amid mixed global cues. The Sensex traded 119.25 points or 0.14% lower at 84,987.56, while the Nifty traded 43.10 points or 0.16% lower at 25,950.20.
Pre-opening pressure visible in the market
Pre-opening pressure is visible in the market. The Sensex is trading 250 points or 0.29% down at 84,856.28, while the Nifty is trading 27.75 points or 0.11% down at 25,956.65.
nifty strategy
Primary support is at 25,875-25,925 (20-degree minimum range, yesterday’s low), while primary support is at 25,800-25,850 (starting point of the previous rally). Primary resistance lies at 25,975-26,025 (neutral zone). Primary resistance lies at 26,100-26,200 (Option Zone). Avoid aggressive trades in the first hour. Buy only when Nifty remains at 25,900; SL should be at 25,800. Sell only if intraday recovery fails. For sell position place SL at day’s high.
Strategy on Nifty Bank
Nifty Bank is in a good position compared to Nifty. Nifty Bank jumped straight from 20-dema. The best buying zone is 59,050-59,250. Place a tight SL for long positions at 58,900. If the policy remains positive tomorrow, it may test 59,800-60,000 again.