Positives:
Global risk on mood rages on. Safe havens USD, JPY & Gold continue to trend lower
US & European markets shot up again yesterday
FIIs are not stopping from buying in cash market
Negatives:
Last hour price on action yesterday is bearish
Continuing border standoff with China
Global Markets: - Raging bull
European and US markets ended with solid gains and long green candles. Emerging market ETF and other risk assets continue to zoom ahead.
ASIAN Markets this morning: - No profit booking in sight
All of Asian market is up sharply this morning. Although SGX Nifty is well above 10K mark, it is falling from the yesterday evening levels of 10200.
Calendar events
India’s Services PMI of China disappointed again and came in at 12.6% which means a sharp contraction in services again for the month of May 20. India’s economy has fared far worse than other G20 countries in the past two months.

India: -Will 10K hold
Macro-economic situation is bad in India and its not a surprise for markets anymore. What has taken the markets sharply up is the risk on mood raging in global markets. However, the price action of last one hour of yesterday suggests, DIIs are trying to take some profit off the table. FIIs are still continuing to buy. Second my own custom indicators are indicating that markets are topping out.

Result announcement:
DLF and NIIT will declare quarterly results today and Exide Industries will declare its results tomorrow.
NIFTY -Technical Bias:

Price Action & Pattern:
While global sentiment will stop indices from falling, hourly price action indicates profit booking at 10100-10200 levels. Therefore, it could be a temporary top till the profit bookings are over. Market could move in sideways fashion for couple of days. Range could be 9850-10250
Trade Ideas:
Try spreads that will work on sideways markets or stock specific directional spreads based on the price action of those stocks.