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EOD 17117.60/-169.45/-0.98%
EOD 36018/-410/-1.13%
India Vix EOD 24.62/+8.89%
SGX Nifty 17172/+20
FII DII data
0815h
SGX Nifty fell from the high of 17490 to 17374 indicating a mildly positive start with the US futures in the red, and the Asian markets also in the red, the opening high may be sold into.
If that happens, it would mean that the euphoric rise in indices was more an emotional act than real. Also, that would mean that 17200 would yet again be the crucial line to defend for the Bulls. And if they fail to do so, we may yet again see the rise in India Vix as well as the grind & swings that we have experienced in the past.
1250h
As expected, the sell-off happened in the AM session and around this time, Nifty made a new low for the day at 17124 – Bank Nifty made a new low of 35900 & correspondingly India Vix shot up to 24.49 up 8%. The most significant point is whether these levels would be held on to or get breached.
1330h onwards
The indices drifted further as the US futures didn’t come out of the red zone till EOD, even as was in the green. This is what I have been observing for quite a few days – if our indices are in the red, we tend to follow US futures more than FTSE.
The selling continued and choppiness was all over and Nifty made a low of 17096 & Bank Nifty made a low of 35900. It has shown weakness greater than Nifty in terms of %.
In Conclusion
It appears that Bank Nifty is likely to get support around 35850-900 & Nifty 17050-17100. As long 35800 on Bank Nifty & 17000 on Nifty is held, the Bulls may still have a chance.
Video link: https://youtu.be/lwplG7jIcfU
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