- U.S Markets closed higher on Friday.
- Asian Markets are lower.
- SGX Nifty is Trading near 17560.
- On Friday Night SGX Nifty was indicating an Opening near 17650.
- Today Morning there was a news that China bans Trading of Evergrande shares in Stock Exchange.
- As the Company defaults debt obligation payment.
- This led to panic selling in China and Hong Kong.
- HDFC reports a 135% increase in the Loan Book and that's a staggering number.
- I feel HDFC twins have been bottomed out and should go higher from here.
- FII's turned into net buyers on Friday though the figure was small.
- DII's continue to support the Market at lower levels.
- Unless there's any significant news out of the Blue I feel 17450 is a short term bottom for our Markets.
- Nifty fell 500 Points from 17950 all the way to 17450.
- Corrections of 500 Points have been bought into very aggressively in the past.
- Also I expect corporate results to be above Expectations for this Month.
- This effect will be felt from Next week as results will start coming in from 8th October.
- Accenture has declared very good results and that should cause positive sentiment in IT stocks.
- Buy on dips should be the strategy from here.
- Nifty might Trade between 17500 to 17700 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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