- U.S Markets closed higher on Friday.
- Right now Asian Markets are slightly positive.
- SGX Nifty is near 18k.
- November has been a fairly volatile month for index.
- Nifty at the end of october fell 1000 points from 18600 to 17600.
- Made a short term bottom from those levels and since then it has been a sideways Market.
- 17800 to 18000 is the range for Nifty.
- Nifty is moving with high Volatility within this range.
- The good news is that India VIX is falling continuously.
- India VIX is now below 16.
- India VIX below 15 is considered to be bullish trend moving forward.
- FII's were selling heavily at the beginning of November but now the magnitude has reduced.
- Many term that it might be due to tapering news or some issues in corporate tax etc.
- Whatever it might be , seems like the revenge selling is out of the way now.
- In the past I have observed as and when FII long position goes below 50% Markets in the coming weeks have rallied uniformly.
- Now it's the same situation In our Market.
- 18000 , 18050 , 18100 are huge resistance for today.
- Once these levels get taken out we may see 18200 in no time.
- 17870 should be a good support for the day.
- Nifty might Trade between 17850 to 18100 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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