In the World of Stock markets, all the World markets are interconnected and an event of fear or greed in one market impacts the other. We will discuss about the global sentiment for today that can decide the Indian market opening for Nifty and Bank Nifty.
Global Sentiment for 03 August 2023
When we say global, it means major indices like Dow Jones, S&P/TSX, YM1, Nikkei, Shanghai, Gift Nifty and European Markets.
As we have covered the news that yesterday lead to a 1% fall in nifty and bank nifty, you can read this here Why Share Market is Down Today?. The impact of this news may still be visible today as Gift Nifty is Down by 60 Points on 7:15 AM.
Also, Dow Jones closed 348 points negative tonight and other major markets of Europe were sideways to bearish, Hence, Overall global sentiment is Negative.
Nifty & Bank Nifty Plan for Today Based on Global Sentiment
The strategy for now is clear that sentiment is negative, so traders can do sell on rise in Nifty and Bank nifty at certain levels.
In Nifty, Traders can see if the market rejects the level of 19560 from above and think of buying only if it sustains above the level of 19600.
In Bank Nifty, market will remain sell on rise until below the resistance level of 45300. Going Long is expected only above 45400.
