- U.S Markets closed flat Yesterday.
- Asian Markets are higher now.
- Dow Futures are higher.
- SGX Nifty is Trading near 17150.
- Yesterday Nifty broke out of 17k.
- From past many Months I've been observing that Market makes a big move in first two weeks.
- Last few weeks there's Consolidation.
- This Month is no different.
- September expiry is a long expiry of 5 weeks.
- In the first week itself Nifty has witnessed almost 500 points rally.
- Bank Nifty did not participate in Yesterday's rally.
- India VIX was up 10% Yesterday even when Markets were roaring higher.
- This proves the fact that VIX doesn't rise only in falling Market.
- Even in rising Market , if Market goes up too fast in too less time then Call writers will be trapped.
- They would then look for cover to cut losses.
- This takes Market even higher.
- 17000 CE had the highest Open interest in weekly expiry.
- As soon as we breached 17k we witnessed a massive short covering.
- Today I expect a Consolidation on Nifty with slightly positive bias.
- Yesterday I mentioned that After GDP data Market might cross 17k.
- This turned out be wrong as Market crossed 17k Yesterday itself.
- Nifty might Trade between 17000 and 17250 for this Expiry & today as well.
- stockmarketsdvisory.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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