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EOD 16663/-208/-1.23%
EOD 35022/-2.89%/-0.82%
EOD 26.73%/+4.06%
SGX Nifty at 1720h +72
FII DII data
0645h
Even as the Sun over the due date for payment of advance tax rises in India, I woke up to a 100+ points negative close on SGX Nifty. So once again, the battle is about to start for defending and or breaching the now long elusive line of 17000.
This was more or less expected as the euphoric rise in indices was more news expectations based than anything concrete. The FIIs still ended up being net sellers yesterday so a good strong was not expected.
1040h
Nifty opened on the dot at 16900 & then made a fast but volatile move up and as expected faced resistance above 16920 which “once upon a time” used to be good support which FIIs and other shorters used to pull Nifty down by 100+ points. And as happens with all down moves, the decline increased the volatility by 1.21%+.
Bank Nifty made a high to low move of just less than 400 points between 35633 & 36235. Whereas Nifty is trading in the negative at 21 points, Bank Nifty is up 217 points. Kotak Mahindra Bank Ltd (NS:), Reliance (NS:) and the IT twins being the spoilsports.
They are being aided by mixed global cues with the US futures oscillating between red & green.
1215h
The indices are moving in a narrow range till opens and guides till EOD. And as the time elapsed indices inched higher setting up expectations of an EOD reading above 16900 if not 17000+.
1330h till EOD
However, FIIs had other plans the moment FTSE indicated weakness at the open. From the day high of 16927 to the day low of 16555, a fall of 350+ points. Correspondingly, Bank Nifty fell from 35643 to 34706, a massive fall of 1,000+ points broke the bones of the Bulls just as they may have heaved a sigh of relief in the morning session.
Even as indices fell and made every attempt to recover, the VIX rose sharply making it very hard to trade a direction. So once again, the positive sentiment built on 11-3 & 14-3 has been negated.
I have not been stating stock-specific levels or moves as there’s little point in doing so as I really don’t know which way they would move. However, Kotak Bank, Reliance, HDFC (NS:) twins, and the IT twins were the key stocks used to bring the indices down.
Video link:
https://youtu.be/ID21lSPNi_k
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