- U.S Markets closed higher Yesterday.
- Dow futures are almost flat.
- Asian markets are shining in Green.
- SGX Nifty is near 17700.
- It's the same Old Story today as well.
- Same old Story of a Classical Breakout and Trapped all the Short Sellers.
- Now there is no stopping for the Market.
- The new story is of Bank Nifty.
- Bank Nifty had the highest call writing at 37000 CE and soon as this got taken out , there was a fantastic rally.
- Nifty is already in a Bull run of its own and now if Bank Nifty joins , the party would be much bigger.
- Right now I see many People still Bearish and expecting Market to crash.
- We handle 100+ Accounts of various clients and whenever we go long 20% of them text us to buy put options as Markets would crash.
- We trade according to our plan and not according to views of Individuals.
- So they buy Put Options themselves and blow up their Accounts.
- The point I'm trying to make here is , as long as these bears exist in the Market we will keep going higher.
- When every Bear turns into a Bull that's when correction begins.
- Market doesn't go up everyday by fresh buying and doesn't go down everyday by selling.
- Market in short term goes higher due to short covering and corrections begin due to long unwinding.
- We had such a stellar rally in Nifty in Bank Nifty in last 2 days not due to fresh buying but due to short covering and due to call excessive call Writing.
- I have already mentioned yesterday not to short this Market and burn your fingers.
- Put Options look very cheap but what's the use of buying it when it goes to Zero 9 times out of 10.
- Stay on the long side , play the trend and just identify good buying zones to enter into.
- Yesterday Market has test the support of 17500 and rallied from these levels.
- I have sold Puts of 17350 and below as my Stoploss was 17400.
- Now as Market keeps going higher I would be shifting Put options to higher strikes and revising my Stoploss.
- Nifty might Trade between 17580 to 17740 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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