Daily trade setup 30th may

My Trades
  1. I had sold nifty futures. Sitting with a wonderful profit. Yesterday morning as markets started to slide, I added more to the nifty shorts.
  2. Will cover profit in some today and will roll over some.
  3. But my cash holdings is a slight negative. But that is OK. That is the power of a hedge. In my case, it is the hedge that always gives me more profit than the actual trade.
International markets
  1. Yesterday Nasdaq closed in red and lost -0.79%. European markets also closed in deep red. The lost almost -1%.
  2. Today Asia is also in red. SGX also indicates that we will open in the red. 
Crude and $
  1. Crude is falling which is good for India.
  2. USD is now close to 70 mark.
  3. The trade wars tensions between US and China is escalating and the world market is feeling the pinch.
FII and DII data
  1. Yesterday FII sold for 304 cr and DII sold 189 cr. It is slightly dangerous when both institutions turn sellers.
  1. Today is Narendra Modi's oath ceremony day. 
  2. Today is also the monthly expiry. 
  3. This was a critical month where we had many events, earnings etc. Still, the Nifty has moved just 150 points after all the drama.
  4. Today I don't expect major movement. Nifty will be in the range of 11,700 to 12,000 and banknifty will be in the range of 31,000 to 31,500.
  5. Today India GDP growth rate. It is expected to be at 6.1%. But this will come after market hours. So this will not be a problem.