Trade setup for 24th

  1. Yesterday markets again closed in the red. Nifty lost 15 points and banknifty lost 156 points.
  2. Till 2:15 it looked like that the markets would recover and was looking like a trending day. But the last hour showed that the game was not over yet.
  3. FII has now started selling in huge now and for now, it looks like that the bears may have strong control.
  4. The major reason for the fall in banknifty was HDFC bank. It continued to fall for 2nd day as well after the results.
  5. Cong-JDS coalition fell yesterday and BJP is set to form a government in Karnataka. After 15 days of drama, finally, BJP has come out as the winner. 
  6. I don't think this will have a major impact on the stock market.
  7. HUL and L&T results were as expected.
  8. The US-China trade talks are back. Will this provide the trigger??
  9. But India Vix is still less than 15. This is quite surprising. 
  1. I am still bullish. I feel that markets will recover. I have kept 200 dma (11,100)in nifty as my stop loss. 
  2. We may come near that. I will consider that the bear market will take over if this is broken.
  1. Yesterday the US markets closed in the green.
  2. The European markets also closed in the green. 
  3. Today morning the Asian markets are also in green. But we have our own domestic news. Looks like FPI taxation issue is not taken well by the FII.
FII and DII data
  1. Yesterday FII sold 2605 cr and DII bought for 2625cr. The DII is supporting the markets by going on an aggressive buying.
  2. The global cues are supporting but still, we are down as FII are selling heavily from a few weeks, especially after the budget.
  1. $ is now trading at 68.94
  2. Crude is now at $64