U.S Markets closed lower yesterday. When we were trading Dow was up 300 points All these gains have been given up during trading hours in U.S. Asian markets are lower. SGX nifty is below 16k. Right now Dow futures are flat. Yesterday Nifty for a moment broke 16k. In the final hour we witnessed relatively strong short covering rally. Yesterday we had the U.S Inflation numbers and they were higher than expected . 8.1% was expected but it came in at 8.3%. Because of this U.S Market cracked yesterday as well. 16000 PE has the highest open interest both in weekly as well as monthly so these Put writers should face trouble today. Every minor bounce is being sold into Mid and small caps have been butchured and this is just the beginning. This is the beginning of a bear Market and these stocks will be taken to cleaners. Portfolios have been taking s big hit in recent times. Momentum is strong towards downside and any minor bounce is being sold into. The hope was U.S Inflation num
U.S Markets closed flat yesterday. When we were trading Dow was up 250 points. All these gains have been given up during trading hours in U.S. Asian markets are higher right now. Dow futures are also higher. SGX nifty is down 50-60 points. Yesterday Market showed remarkable resilience throughout the day We at one point of time Even hit 16400. Then the last hour selling again was disturbing. Today is a very important day in U.S markets. Today we will be having the Inflation data from U.S Market Positioning is nothing new and similar as always. Markets seem to have already discounted the worst. Any positive surprise could trigger a short term rally. Markets are so oversold all over the world. It's not the right time to create shorts. Look for pull backs and short covering Rallies from here on. Last 2 days fall has been mostly due to Reliance. Once Reliance stabilizes and bottoms out then the downside will be limited. Hdfc bank ADR was up 5% yesterday. Yesterday Bank Nift