- 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
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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