- U.S Markets closed flat Yesterday.
- Asian markets and Dow Futures are slightly higher.
- SGX Nifty is trading near 18200.
- Yesterday as well SGX was indicating a gap up near 18220 but markets opened at 18140.
- After opening we tried to go near SGX level but 18200 became a stiff resistance.
- 18200 CE added 50L contracts yesterday.
- 18200 CE has been sold heavily yesterday and 18000 PE as well.
- Option sellers are expecting a tight range of 18000 to 18200 for this expiry.
- In the past as well when there has been heavy call writing Market rallies as and when this call writers get in trouble.
- November has been a failrly rangebound and volatile Market.
- There have been big moves within the range.
- India VIX was also higher by 3% yesterday.
- Yesterday the low for Nifty futures was 18100.
- 18100 got tested yesterday and Market has respected this level.
- Nifty is looking strong but Bank Nifty is looking quite weak.
- 39000 CE was sold heavily yesterday.
- Hedging could be done selling CE in Bank Nifty and PE in Nifty.
- There is higher margin of safety in Nifty currently.
- Nifty might Trade between 18080 to 18250 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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