- U.S Markets closed lower yesterday.
- There was a news regarding Jerome Powell's re-appointment as Fed chairman.
- U.S Markets shot up 300 points during the trading hours but all the gains were wiped off during the day end.
- Asian markets are weak.
- SGX Nifty is indicating a 100 point gap down.
- I will not at all be interested to sell gap down today.
- Selling at already 100 points fall after a 500 points fall yesterday in not a risk favour trade.
- I would look at pullbacks close to 17470-17520 to sell into with a stoploss of 17550.
- Also I would be willing to take a buy trade close to yesterday's low of 17250 with a stoploss of 17200.
- Because we have fallen almost 800 points in 4 trading sessions so a possibility of small recovery is always existing.
- So my range for the day is 17250 to 17500.
- I would like to trade the boundaries with strict stoploss.
- If I do not get boundaries then I would sit quiet.
- Sometimes not doing anything is the best scenario.
- If you sell the gap down and a 70-100 point recovery can kill what you made previously.
- You will get recoveries and rallies and those offer opportunity to sell into.
- Do not listen to experts saying Market has bottomed out this is the bottom etc.
- This is not a 2020 Bull Market where Market turns the next day.
- Bottoms take time to be made.
- Market consolidates , tests the low a couple of times and then you get a confirmation signal of a bottom.
- Until then it's a sell on rallies Market.
- Look to stay away from doing anything in Bank Nifty as the pull backs may be sharp there.
- Nifty might Trade between 17250 to 17500 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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