There are many big shocks for the market today. FIIs have also done a big selloff again yesterday, OxBig Finance Team said that Nifty closing below 24500 for 2 consecutive days is a sign of weakness. The next big support on Nifty will be around 24,075, the low of the budget day.
OxBIG Market Strategy: On the day of Nifty’s monthly expiry today, Thursday, very weak signals are seen for the market. After the budget, the market is already weak, on top of that, Gift Nifty has fallen by more than 200 points today, so today’s business will be watched. There are many big shocks for the market today. FIIs have also sold off heavily yesterday, OxBig Finance Team said that Nifty closing below 24500 for 2 consecutive days is a sign of weakness. The next big support will be around 24,075 on the budget day on Nifty. For today, you can check the levels on Nifty and Bank Nifty below.
Many shocks for the market today:
- Global market very weak
- Heavy selling of about ₹12,000 Cr in cash, index and stock futures by FIIs
- Closing below 24500 for 2 consecutive days is a sign of weakness
- Bank Nifty is already very bad
- On top of that, Axis Bank’s very bad results
- Big investors’ enthusiasm cooled down after the budget
EDITOR’s TAKE:
- Dow weakens as expected
- Slipped from upper level, weakness of 1500 points was expected
- On the day of monthly expiry, traders’ bullish positions are more stuck
- Only one good thing, mid-smallcap is still strong
- It remains to be seen whether mid-smallcap will pull the giants up…
- …or will these also fall along with the giants
- Next big support on Nifty around budget day’s low of 24,075
- If Nifty closes below 24300 today, weakness will increase
- Bank Nifty was, is and will remain weak
Important signals for today Global:
Global: Negative
FII: Negative
DII: Positive
F&O: Neutral
Sentiment: Negative
Trend: Positive
Important levels for Nifty
Nifty 24150-24300 support zone, Below that 24000-24100 strong Support zone
Nifty 24400-24475 higher zone, Above that 24500-24575 strong Sell zone
Important levels for Bank Nifty
Bank Nifty 50675-50775 & 50450-50575 support zone, Below that 49900-50100 strong Buy zone
Bank Nifty 51775-51925 higher zone, Above that 52000-52175 strong Sell zone
FIIs Long position at 69% Vs 74%
Nifty PCR unchanged at 0.87
Bank Nifty PCR at 0.83 Vs 0.56
INDIA VIX down by 8% at 11.76
Existing Long Positions:
Nifty Intraday n Closing SL 24300
Bank Nifty Intraday SL 51000 n Closing SL 51300
Existing Short Positions:
Nifty Intraday n Closing SL 24600
Bank Nifty Intraday n Closing SL 52050
New Position: Nifty
Sell Nifty:
SL 24600 Tgt 24300, 24250, 24200, 24175, 24125, 24075, 24000
Aggressive Traders Buy Nifty in 24075-24150 range:
Strict SL 23975 Tgt 24200, 24240, 24300, 24325, 24425
New Position: Bank Nifty Sell Bank Nifty: SL 51550 Tgt 51150, 51000, 50800, 50675, 50450
Aggressive Traders Buy Bank Nifty in 50450-50575 range:
Strict SL 50350 Tgt 50775, 50975, 51150, 51300, 51475, 51775
2 Stocks in F&O Ban:
New In Ban: Voda Idea
Out Of Ban: GNFC, SAIL
Already In Ban: India Cement
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