- US markets closed Negative Yesterday.
- Asian Markets are all trading in Red.
- SGX Nifty is down 200 Points.
- Markets reacting to the Bad Jobs Data posted by U.S a day later.
- Technology stocks came under severe profit booking pressure.
- Nasdaq once again highly under performed Dow.
- WHO has classified triple-mutant Covid variant from India as global health risk.
- This is the deadliest variant found in India due to which cases were on a steep rise.
- Yesterday I mentioned it's time to exit long positions and go short near 15000.
- We were likely to witness the profit booking near the upper end of the range.
- Now we are back to our old range of 14200 and 15000.
- Lot of Put options were sold Yesterday and 14900 PE had the highest open interest.
- As there were heavy put writers they may run for cover as Markets fell and might short futures.
- So this might turn much bigger fall for our markets.
- Luckily , I do not have any Weekly expiry positions as yesterday the premiums were too low and everything was already at 60-70% discount and 2 days were remaining for expiry.
- So I thought it wasn't favourable to hold these positions as the returns are too less.
- Trading is weekly expiry is high risk and high return.
- One needs to be highly careful or else the Gama effect might throw you out of the Market.
- Whenever there is such a big fall Intraday I would use this opportunity to sell 14000 PE monthly expiry.
- For today I expect Markets to take support near 14700 whereas 15k would be a stiff resistance.
- Nifty might Trade between 14700 to 14940 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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