Nifty Futures opened gap down on Friday morning trading session and went initially lower followed by the counter trend reversal of almost 225 points from the fresh swing low.
The emotional selloff on late Thursday evening has counter-attacked by the Friday buyers on the anticipation of FPI surcharge removal anticipation from the finance minister Nirmala Sivaraman.
However. post the 5.00p.m announcement from the Finance minister about the FPI surcharge removal is followed by U.S. President Donald Trump announced on Friday that Washington will impose an additional 5% duty on the Chinese goods, hours after Beijing announced its latest retaliatory tariffs on about $75 billion worth of U.S. goods in the latest tit-for-tat moves in their bilateral trade dispute
Big volatility is still around the corner as Daily ATR jumps above 171 point range and it is expected an increase in the near term
Weaker hand trading activity is observed around 10760-10780 levels with single print supports comes around 10720. Price clearing 10760-10780 followed by a pullback towards 10820 levels are considered as strength in the market towards 11085
And at the same time failed auction formed around 20th August which completed t+3 trading days is worth looking at this point on Monday and Tuesday’s trading.
As long as 10720 is holding up I will be considering buying on dips around 10740-10780 levels to watch towards 11085 in next t+2 trading days.
