- US markets closed 1.5% higher Yesterday.
- Asian Markets are Mixed.
- SGX Nifty is Trading near 11470 so we can almost expect a flat opening.
- Yesterday our Markets opened above the Resistance level of 11500 with a big Gap up.
- First half the Markets were flat but we Witnessed big selling pressure in second half.
- This was a Total Surprise.
- Bank Nifty fell by more than 400 Points in about half an hour & Nifty by 100 Points.
- Maybe S&P fitch negative outlook on the Economy was the reason for this sell off.
- But later durring the day we recovered 50% of the losses as well.
- So it was a high Volatile day yesterday.
- India VIX from Negative 1% was up 3% at one point of time.
- From last 1 Month these sudden Intraday collapses have been happening without any major reason.
- The star of the show Yesterday were IT Stocks.
- IT index was up 5% yesterday.
- All the IT stocks are on a league of their own.
- Previously I had mentioned that there are 2 factors for this Bull Market.
- One is IT stocks and next Reliance.
- We have sold IT stocks put options yesterday and adviced same to our clients.
- Bank Nifty is very very weak and unable to sustain at higher levels.
- As soon as Bank Nifty pullback comes , big selling is witnessed.
- Yesterday we found support on Nifty near 11400.
- This is a very important short term support and every dip should be bought into.
- Nifty might Trade between 11380-11560 today.
- stockmarketadvisory.in
U.S Markets closed higher yesterday. Most importantly , S&P 500 VIX crashed 10%. There was huge Volatility in global markets due to Fed event. Markets remain volatile only when they have topped out or have bottomed out. Right now I feel we have bottomed out at 16850. Asian markets are slightly lower now. Dow futures are lower. SGX Nifty is at 17500. Finally , the most awaited day has come. Budget 2022 is going to be presented today. Expectations are of a good and stable budget. Reasons are the Elections coming up and LIC IPO in March. Govt very well knows if LIC IPO has to go through , Market sentiment has to be good. Without good market spending it would be very difficult for IPO to go through. Market had already fallen a lot before the budget. Although we have rallied in last 2 days but still we have some upside left. Though I feel it's not favourable to chase today's gap up. Today's gap up is a good opportunity to book profits those who carried longs. Bud
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