Yesterday was a no speculation day. It seems like everyone is awaiting budget and not taking any positions.
We are nearing the end of June Expiry so I am expecting volatility to both the sides, but not a decisive breakout.
In my opinion, decisive breakout will come out only after G-20 summit or once the budget is announced. So we may remain sideways.
Currently, Nifty other than daily charts in bearish. Bank Nifty is highly sideways.
If one looks at PCR and Pain, then also we are in sideways territory.
US has imposed sanctions on Iranian Leaders and affiliates which is a risk to the markets. But Crude Oil is stable below $65.
Rupee is also stable.
Gold is near 6 year high which is a cause of concern.
Auto and Pharma Index are not doing good so that's the cause of concern for Indian Markets.
Also, majority of stocks in India are trading below 200 DMA which again is a cause of concern. It shows the overall bearish sentiment of Indian economy. Which could also mean that only some blue chip companies are stopping the market fall.
I am expecting a sideways to negative opening for market. SGX Nifty is down 10 points at the time of writing.
For Nifty we are stuck in a range 11850 - 11600. For bank Nifty, we are stuck in a range of 30800 - 30100. Any meaningful rally will come after this channel is broken.
I am currently trading with sideways and bearish bias.
Here is a look at my open positions.