- U.S Markets closed a bit lower Yesterday.
- Right now U.S Futures and Nasdaq Future's are trading higher.
- SGX Nifty is Indicating a big gap up above 15100 today.
- Yesterday we witnessed a fantastic rally in both the Indices.
- Nifty and Bank Nifty both have Outperformed highly.
- Bank Nifty in particular was the star of the show Yesterday.
- Bank Nifty closed 1300 Points higher Yesterday.
- It was a big short covering in all the Banking stocks.
- The short covering was led by PSU Banks.
- FII's were also short in our Markets previously and they are still net short on our Markets.
- This short covering took the indices even higher Yesterday.
- Today if we sustain above 15100 for an hour this short covering will increase further.
- 15000 has been acting as a big resistance from quite some time now.
- Sustaining above this level with follow through indicates further strength in our Markets
- Shorting is not advisable as of now.
- India VIX for the first time closed below 20 Yesterday.
- Even now FII's are short on our Markets.
- So there's a high scope of Short covering still existing.
- At one Point of time it was trading near 19.6 down 4%.
- 34000 is a critical level for Bank Nifty and the recent high was about 34300 for Bank Nifty.
- Once both these levels are taken the rally will intensify.
- Bank Nifty might continue to outperform today.
- Nifty might Trade between 14980-15180 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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