- U.S Markets closed lower yesterday.
- Right now U.S Futures are higher.
- Asian Markets are mixed.
- SGX Nifty is almost flat.
- Yesterday we witnessed a big panic selling in the first hour.
- Bank Nifty down 600 points at one point.
- Nifty down 200 points.
- Gradually we started recovering & also there was clarification from Adani group that demat Accounts were not frozen.
- This let to a short covering in Markets.
- I mentioned Yesterday that Adani group news shouldnt have much effect on Markets.
- The Market is at all time highs and any Negative news will be reacted fiercely.
- That's what happened yesterday.
- The most surprising thing yesterday was even when Markets crashed option writers didn't sell call options to manage.
- Instead they sold more Put options.
- This shows the confidence of Bulls.
- 15700 & 15600 PE added large open interest yesterday.
- FII's long position is over 85% in Index Futures.
- I don't see any reason to be Bearish in near term.
- Every dip is an Opportunity to buy.
- Once we sustain above 15800 on Nifty and 35k on Bank Nifty this will lead to further short covering.
- Those who shorted yesterday will be trapped today.
- Nifty might Trade between 15720-15880 today.
- Bank Nifty might Trade between 34800 to 35400 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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