Things to consider while trading today 01/10/2021 by Master V and Perpetual Bear
After expiry volatility nifty closed 93 points down at 17618. All of the recoveries on yesterday's session were used as sell on rising. Indicating weakness could extend in further sessions as well.
If we go for sectors only reality and consumer durables were in the green while metals, telecom, auto, banks and even the IT sector contributed on the downside.
As already mentioned yesterday manufacturing will affect and PSU Banks may see a Pump and Dump. As per the technical charts and based on a few traders opinions we might see a good correction in IT stocks.
We have seen a breakout in USD INR Price that may weaken the market as we are importing raw materials crude and all that might cause high inflation.
Let's have look at the global market as well Infrastructure Vote was Delayed and the infrastructure bill is in doubt (Bill worth around 1 Trillion$) because of that Dow has corrected 1.5% + 0.6% future in the morning.
Let's talk about cousin index to nifty as per most of the traders it is somehow connected with nifty50. Dax was down almost 0.66% and if you look at the stocks and sector has given a mixed signal.
The dollar index is at 94 it is dragging INR towards 75+. If it breakout we can see further weakness in USD INR and that might cause selling pressure in the Indian market.
FII DII Data:- FII were a net seller and sold 2,225Cr. and DII were net sellers and sold only 97 Cr.
Just Dial:- 55,287 (5.47 cr) worth share sold by SANATAN FINANCIAL ADVISORY SERVICES PRIVATE LIMITE.
Max Healthcare Institute Ltd:- 57,00,000 (199.50 cr) worth share bought by HDFC MUTUAL FUND.
Max Healthcare Institute Ltd:- 2,42,30,377 (848.38 cr) worth share sold by KAYAK INVESTMENTS HOLDING PTE.LTD.
Karur Vysya Bank Ltd:- 2,10,00,000 (97.90 cr) worth share sold by OLYMPUS INDIA HOLDINGS LIMITED.
Karur Vysya Bank Ltd:- 42,63,050 (19.87 cr) worth bought by ALPHA LEON ENTERPRISES LLP.
let's talk about Nifty50 as mentioned in yesterday morning blog Price Action is bearish and technical is now neautral to bearish. If nifty breaks below 17500 we can see further correction.
37500 Level is already broken, so open for 36900 can be seen.