- 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
1. U.S Markets closed lower on Friday. 2. Dow Jones was flat. 3. Nasdaq was the underperformer. 4. Gift Nifty is down 30-40 Points. 5. Asian markets are mostly lower as well. 6. Friday the Nifty opened with a gap down of 200 points. 7. Within the next 10 minutes , Nifty recovered 100 points. 8. Bulls expected recovery is on the cards but Nifty started to Crack. 9. Bank Nifty was holding up Nifty for most of the while. 10. It couldn't be able to provide much of a support and Bank nifty also began to correct. 11. The issue now is market has had vertical rallies. 12. One way quick rallies so now the downfall will also be vertical. 13. When markets go up quick , they come down quicker. 14. Infy dragged the mood and also HUL didn't post extraordinary results so it was also a laggard. 15. Banks tried hard to hold the markets but couldn't. 16. Over the weekend , AU Bank and icici bank reported very good numbers. 17. These banks have already rallied a lot before results
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