- U.S Markets were higher by more than 500 Points yesterday.
- Asian Markets and Dow Futures are flat now.
- SGX Nifty is Trading near 17850.
- Markets have been extremely Volatile for the past week.
- Nifty and Bank Nifty were moving almost a percent on a daily basis.
- Last Friday Nifty was at 17800 then it fell about 500 Points in 3 sessions and recovered entire losses in remaining 2 sessions.
- Nifty expired at almost the same level of Friday's high.
- Yesterday was a dream rally for the Bulls.
- Due to huge fall in the Market , there was aggressive call writing over the week.
- Yesterday all these call writers were trapped.
- Plus it was an expiry day so they had no other alternative apart from adjusting Positions.
- These aggressive call writers have propelled the Market even higher.
- Yesterday I expected some sort of resistance near 17800 as it was the previous high.
- Market did consolidate near those levels.
- But had crossed during the day.
- Maybe due to expiry issues we had such a fantastic rally Yesterday.
- Both FII's & DII's were net buyers Yesterday.
- I would be very careful to play on the long side from here.
- Everything looks good and all good news seems to be factored in.
- When all is well , that's when profit booking sets in.
- Premiums too are not that attractive for selling options.
- 18000 CE has the highest open interest in options.
- Nifty might Trade between 17680 to 17920 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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