- 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
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
Comments