Market is above the 30 day moving average on daily chart so it shows that market is not in a bearish trend yet and it is just profit booking by retailers.
Relative Data as following:
RSI= 51.03 (1D chart) with a long bearish candle.
RSI= 34.78(1 H Chart) with a bullish engulfing pattern at 12.15 pm and after that a doji and closing also with doji.
Today’s Nifty Closing Price: 9573.80
support level =9512
Resistance level =9757
Market is corrected to take a jump as seen in july expiry and which can be clearly seen in FII data.
Today’s FII/DII Activities:
FII Trading Activity: 269.95(Buying)
DII Trading Activity: -45.78(Selling)
Market is showing same behavior as we have seen in last expiry so what is going on market is simply profit booking and FII’s are very bullish on indian market so every dip in market is a good opportunity to take an entry because we all know fundamentals are very strong for indian market and indian economy as today again indian government choosen 30 more cities to develop them as smart cities which is a good sign for more foreign investment by more projects that can generate more jobs and by this india can make more taxpayers and yeah GST is a major tax reform for indian taxation system.
so be ready for the next bull run(upto atleast 9850) by the end of this expiry.