- Last hour panic selling caused all indices closed Negatively.
- Bank Nifty reversed exactly from weekly pivot.
- FIIs were net seller, sold almost 1350 crs in cash market.
- as mentioned in previous blog, 28500 to 28300 is strong support zone, it took support near 28500 level and almost 350 points recovered in the last few minutes.
- This panic selling is due to cases reported in India, even global futures were trading positively our indices fell.
- Bank Nifty down almost 1200 points from intra day high.
- Daily Pivot made lower low formation and price closed below Pivot which is bearish sentiment.
- CPR widened significantly, which means tomorrow could be sideways movement, but morning hour expecting that market will be highly volatile.
- Vix crashed to -8% and shoot up almost 9% on closing basis.
- All deep OTM puts are high due to this heavy selling.
- Now DOW trading mixed and today's closing will decide our opening tomorrow.
- Key Support level is today's low which is 28570 then to 28380 level which is weekly 100 MA, if this breaks then we are going down to 28000 levels.
- Upside 29000 level, 29200 and then 29440 are the key things to watch-out for.
- FII long to short net exposure is at 36% to 64%, this is surprising compare to previous day numbers. net shorts in index future down by 31300 this is surprising. is there some news which we dont know but they know? could this be the bottom? only time will tell.
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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