- 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
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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