- 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
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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