MARKET IS TRAPPING BULLS: NEGATIVE PERFORMANCE OF GLOBAL MARKET:
HOW INDIAN MARKET WILL PERFORM?
GLOBAL MARKET UPDATES:
🌐Crude Oil is continuously trading above 90
🌐The Dollar Index is trading at 106.
🌐US Market may Shut Down.
🌐Dow Jones closed 158 points negative
🌐The UK and German Markets closed almost flat, but trading in a downtrend.
🌐GIFT Nifty is also negative currently at -109 points down.
•All these indicate a high bearish sentiment in the market.
✔FII Data: FII are selling heavily in the Futures and Cash market:
27/9/2023: -1189 crores in futures and - 354 crores in cash
28/9/2023: -3893 crores in futures and - 3364 crores in cash
29/9/2023: -701 crores in futures and -1686 crores in cash
✔DII Data: DII are buying aggressively, this is the reason why the Indian Market is not crashing aggressively.
27/9/2023: +386 crores in cash
28/09/2023: +2711 crores in cash
29/09/2023: +2751 crores in cash
(Note: DII do not invest in futures)
🌐INDIAN MARKET LEVELS:
1) NIFTY: Doubble Top Pattern forming in Weekly chart:
CALL OI (Resistance): 19700 (67 lakhs OI), 19800 (86 lakhs OI)
PUT OI (Support): 19600 (71.4 lakhs OI), 19500 (64.7 lakhs OI)
✔PUT CALL Ratio: 0.85 (Bearish)
2)BANKNIFTY: Double Top Pattern forming in the weekly chart.
CALL OI (Resistance): 45000 (25.6 lakh OI), 44700 (17.6 lakhs OI)
PUT OI (Support): 44500 (25.1 lakhs OI), 44300 (12.5 lakh OI)
✔PUT CALL Ratio 0.90 (Slightly Bearish)
•Bank Nifty has given a breakdown and retest of the Daily uptrend
•Do not buy aggressively if it is trading below 45000
✔This week will be a crucial week, Let's see if DII can save the Indian Market
from a big fall or FII will dominate the downtrend of the market.
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