- U.S Markets closed lower on Friday.
- Dow Jones fell for 5 Consecutive sessions now.
- Right now Dow Futures are higher.
- SGX Nifty is down by 20-30 Points near 17350.
- Last Expiry was a bit surprising for me.
- During trading hours on Thursday expiry Asian Markets and U.S Markets were bleeding.
- Both were down significantly but still Nifty managed to hold on to gains & close In Green.
- For whole of the last week Nifty was rangebound.
- 17250 to 17450 is the range.
- This is a narrow range and I expect it to continue for a couple of days.
- After this we could expect some range breakout or breakdown.
- I have a slightly bearish view as of now.
- But still I don't feel Nifty would break 17200 for this Expiry.
- We only have 4 trading sessions for this Expiry as Friday was Holiday.
- Plan is to trade the range unless there are clear signs of one sided move.
- Not much significant news over the weekend which could impact the Markets.
- Ranging Markets are difficult to trade as there are sharp turnaround / swings.
- One should be very skilled in Managing Positions.
- Closer to 17280-17250 I would be selling Put options below 17200 with a stoploss of 17200 and near 17420-17450 I would be selling Call Options above 17500.
- As of now this is the Plan unless we have a range breakout/breakdown.
- 17400 CE has the highest Open interest in Weekly Options.
- If 17440-17460 gets taken out decisively then these players would itself take Nifty higher.
- Nifty might Trade between 17240-17440 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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