Good Morning Traders, Tracking the current trends in the Gift Nifty, we can expect the benchmark Sensex, Nifty & Bank Nifty to open marginally lower today.
European Markets Today
There has been a fall in the European Markets as well on Tuesday and closed 0.9% lower due to weighed growth figures from UK and unfavourable data from China as well.
FTSE also closed at 7389, lower by 1.57%. Similarly DAX was also down by 0.86% in the previous trading session on tuesday.
Asian Markets Today
There has been a decline in asian markets as well after decline in US Banks, Shares of JP Morgan and Well Fargo. All these were the implications of Fitch’s warning to downgrade credit rating of Banks including JP Morgan.
Trade Setup for 16 August 2023
Tracking the global markets, we clearly see that the trend is bearish and sentiment is negative whole around the World.
But, the fact that it is getting obvious for everyone that market will fall can be a disguise. Everybody would be millionaire if market moves as per everyone is thinking of it, but this doesn’t happen as you know. So, Be Cautious and plan your trade wisely. I hope you understood my point.
You can look for a Bullish Trade in Nifty Above 19440 or short at 19440 if you see a rejection or any bearish pattern at this level.
Similarly, if market breaks down, then indentify bearish or bullish chart patterns at 19340 and long or short for the trade accordingly.
Have a Happy Trading Day!
