Market bounced from slightly lower levels than we expected

But nonetheless Buy on dips played out

Especially in Bank Nifty

Live

Good morning

BIG DAY FOR MARKET
Global markets showing profit taking signs
US: Inflation problem behind, recession worries loom
Nifty very close to a big congestion zone
Traders will position in last hour for Fed meet

GLOBAL CUES
US Bond yields confirming rates near peak
Worries in US will be more about recession now
Need to track Dollar and Brent Crude from here

NIFTY OUTLOOK
Nifty set to open in profit booking zone
18,670-18,700 best profit booking zone
No fresh longs should be taken in 18,670-18,700 zone
Need to see how Nifty IT moves today
Nifty IT placed between 20 and 50 DMA
If Nifty breaches 18,490, market will become weak
Aggressive traders can short in morning gap up
18,750 should be very strict stop loss for shorts

BANK NIFTY OUTLOOK
Bank Nifty set to achieve target of 44,000
44,150 would be a great level to book profit
Fresh entry for Bank Nifty should be made on dip
Bank Nifty will start a move to 45,000 after some consolidation

GM

MARKET VS POWELL
Fed’s terminal rate: 5.125%
Market’s terminal rate: 4.88%
Very mild selloff despite very hawkish Fed
Indian market remains in a large uptrend
Event out of the way, midcaps may resume rally
This month: Nifty down 0.5%, Midcap up 2.5%

GLOBAL CUES
On margin, Global cues not too bad for India
Market may latch on to Dollar Index today
Nasdaq has given up almost all recent gains
Clear signs of new economy stocks underperforming
Bank Nifty may resume outperformance vs Nifty

NIFTY OUTLOOK
Gap down will take Nifty in a good support zone
Support zone: 18,570-18605
Ideally, buying in first support zone works
Nifty’s 10 DEMA also placed at 18,576
Stop loss for long trades at 20 DEMA of 18,495
For long trades, profit booking zone at 18,670-18,700
Till 3 pm, traders need to take small profits
Will decide 3 pm move according to data

BANK NIFTY OUTLOOK
Bank Nifty may not fall a lot today
43,900-43,950 good zone to buy Bank Nifty
Stop loss for long trades at 43,800 on Bank Nifty
No thoughts of shorting Bank Nifty
Above 44,150, a fast move to 44,300 is possible
Profit taking zone for Bank Nifty at 44,300
Will decide 3 pm move according to data

The setup played out beautifully so far in Bank Nifty 🙏

Live

GM

THANK GOD ITS FRIDAY
Indian market pre-empted US decline
2:30-3:30 yesterday saw a breakdown
US market had reality check yesterday
US market showing signs of ending the rally
Big question: Will India remain decoupled from US?
Market was overconfident, yesterday was a shakeout

GLOBAL CUES: IMPACT ON INDIA
Nasdaq now trading at December lows
Nasdaq back within 7% of 52-w low
US Bond market still not pricing in higher rate
Indian markets will track Dollar and Brent

NIFTY OUTLOOK
Nifty closed decisively below the 20 DEMA
Now texture is “Sell on rally” till 20 DEMA is reclaimed
Alert: Current 20 DEMA at 18,489
Possible to now test 50 DEMA of 18,194
Show 18400, 18300 and 18000 Puts
For today, long can be tried if first hour low holds
Intra-day longs should have first hour low as stop

BANK NIFTY OUTLOOK
Bank Nifty closed just below 10 DEMA
Bank Nifty can see buying after initial selling
For longs, 20 DEMA of 43,144 should be stop
Bank Nifty has still not become a positional short
Bank Nifty’s larger trend is still “Buy on dips”

Nifty "sell on rally" Played beautifully today. Not once but twice.

Bank nifty closed at crucial level.

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