- US markets closed lower yesterday.
- Asian markets are also lower.
- SGX Nifty is down by more than 100 points.
- New Corona Virus and Senate Election for two seats are the reasons for huge profit booking.
- These issues leading to a big fall.
- Yesterday the Markets were quite Volatile.
- From a big gap up it got immediately sold into but also recovered by EOD.
- Markets all over the world are trading near all time high.
- So any negative news, markets can fall 5 to 10%.
- Time to be cautious now.
- Here in India, IT stocks did very well.
- Most IT stocks hit fresh all time high.
- Metal index was up 5% yesterday.
- Though Nifty fell 200 points intraday, entire loss was recovered to close at higest point of the day.
- Usually that is a bullish sign.
- But since US markets fell, SGX Nifty indicating about 100 points gap down.
- Bank Nifty future closed more than 150 points premium to spot price.
- This Indicates Bullish signs.
- Midcaps and small caps out performed.
- Banking is the only sector that closed flat.
- Yesterday Bank Nifty was flat but Nifty closed higher.
- FIIs are net buyers for about Rs 1500+ crores.
- DII's are net sellers for 4th month now.
- U.S Markets have recovered quite well from lows.
- So today will be interesting day to watch out.
- If we defend 14000 then we might close higher but if we go below yesterday's low in first hour then selling pressure will accentuate.
- Nifty might Trade between 13980-14220 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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