- 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
1. U.S Markets closed higher on Friday. 2. Right now , dow futures are lower. 3. Asian markets are mixed. 4. SGX Nifty is up 30-50 Points. 5. There's no point discussing Global markets today. 6. As we are dealing with our own local issues as of now. 7. The talk of the town is Adani Group. 8. Every stock Market participant during last 2 days have not spent as much time with their wife /gf /husband /bf as they have spent on researching Adani stocks. 9. They shouldn't have wasted so much time in research and should've spent their time with loved ones. 10. As Ultimately my Pre Market report would clear all. 11. Now , the Adani stock price has gone below the FPO price. 12. FPO price is in the range of 3100-3200 and stock price is around 2800 13. Who will subscribe to FPO when they can buy shares much cheaper from the Market? 14. Also over the weekend Adani has come up with a 450 page report addressing one by one the allegations made by Hindenberg. 15. I haven't
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