- Market fell due to corona virus outbreak outside China.
- VIX shoot up 24% in a single day and A to D ratio is 50 in Nifty which all 50 stocks in nifty is trading negatively.
- Banknifty closed near to Yearly pivot which is 30450 level
- at one point in the morning took support at monthly S1 support which is 30550 level and went up till 30700 levels. from there Bank nifty fell almost 300 points. this is inline with what i mentioned yesterday which is sell on rise rally.
- FIIs were net seller, sold approx 1100 crs in cash market.
- huge short positions were added in BNF moving max pain down to 30600 level, compared to yesterday 31000, almost 400 points down in the max pain.
- Bank nifty is trading below this pain level and CPR width widened and price closed below CPR width which is bearish sentiment.
- all global index future market fell to almost 3 percent.
- Bank Nifty might take support near 200 DMA which is 30140 level then 30050 level if we dont withstand 30400 level.
- up side i could only sense 30700 to 30760 could be first resistance then to 30900 level.
- one can enter long only when Index cross above 31250 until then it should be sell on rise rally.
- if we open gap down tomorrow, 30400 to 30450 levels to watch out for shorting opportunity as this is a yearly pivot and could act as a resistance for short period of time.
- I am predicting that tomorrow first 15 to 30 mins market will be very volatile and then market may consolidate which is good for short sellers for eating premium.
Disclaimer: I am not a SEBI register advisior, The above trade setup is purely based on my own study and analysis. i am not giving suggestions to buy / sell specific options. please consult your financial advisors / do the due diligence before taking any trade.
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