- U.S Markets closed significantly higher Yesterday.
- This was due to Jobless claims report which was favourable.
- Asian Markets are mostly trading higher.
- SGX Nifty is up by 40,50 points close to 15460.
- Yesterday was the end of May series and it was a fantastic month for the Bulls.
- Markets for the last 3 Months have been in a Consolidation mode after rallying April to December.
- Today is the start of June series and if we open as SGX Nifty indicates then on Intraday basis itself we might test all time highs on Nifty.
- Bank Nifty has a long way to go for its all time highs and that's the reason I'm more Bullish on Bank Nifty than on Nifty.
- Yesterday Bank Nifty broke out of 35k where there were lot of option sellers who sold 35000 CE.
- This led to big short covering towards the end of the day.
- SBI contributed to the short covering rally and was up 4% yesterday.
- SBI is close to its all time high of 430 now & if once this breaks then there would be no stopping for SBI.
- June Month has no holidays unlike May having 3-4 public holidays.
- So June is going to a long 4 weeks month.
- 15000 is a strong barrier for our Markets now.
- There's no reason to be bearish and Markets should rally more from here.
- However sudden profit booking of 1-2% cannot be ruled out.
- Use dips to sell Put options or to buy into the Market.
- Bank Nifty has more steam left than Nifty now.
- I would advice not to chase today's gap up and wait for 50-80 point dip on Intraday basis to get into the bus.
- There has been high addition of open interest at 15000 PE.
- More often than not such gap ups are sold into.
- Nifty might Trade between 15320-15540 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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