- 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
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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