- U.S Markets closed lower on Friday.
- Asian Markets were also lower.
- Right now Dow futures and Asian markets are down.
- SGX Nifty is down 100 points indicating opening around 16900.
- If one Remembers , last time we closed near 16900.
- The next day we had a huge gap up and a big rally from there.
- Today we are likely to open near 16900.
- 16800 is a short term low on Nifty.
- We had made a panic bottom around these levels previously.
- The Momentum is quite strong towards the downside.
- Many Index heavy weights are below it's 200 DMA.
- Bank Nifty already below it's 200 DMA.
- Trading below 200 DMA indicates a short term bear Market.
- Everything isn't worse.
- Today's first hour is crutial.
- If we sustain today's low and start to recover during the day then we might have double bottom at 16800.
- Which is a Possibility.
- Purely from risk reward type it's advisable to exit short Positions at open.
- Buy trade with a stoploss of 16800 offers a good risk reward
- Nifty might Trade between 16850 to 17150 today.
- stockmarketadvisory.in
1. U.S Markets closed lower on Friday. 2. Dow Jones was flat. 3. Nasdaq was the underperformer. 4. Gift Nifty is down 30-40 Points. 5. Asian markets are mostly lower as well. 6. Friday the Nifty opened with a gap down of 200 points. 7. Within the next 10 minutes , Nifty recovered 100 points. 8. Bulls expected recovery is on the cards but Nifty started to Crack. 9. Bank Nifty was holding up Nifty for most of the while. 10. It couldn't be able to provide much of a support and Bank nifty also began to correct. 11. The issue now is market has had vertical rallies. 12. One way quick rallies so now the downfall will also be vertical. 13. When markets go up quick , they come down quicker. 14. Infy dragged the mood and also HUL didn't post extraordinary results so it was also a laggard. 15. Banks tried hard to hold the markets but couldn't. 16. Over the weekend , AU Bank and icici bank reported very good numbers. 17. These banks have already rallied a lot before results
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