- U.S Markets closed mixed yesterday.
- Right now U.S futures & Asian markets are mixed.
- SGX Nifty is at 17200.
- Dow Jones is just few 100 points away from all time high.
- Yesterday as well we had a lack lusture trading day.
- As it's year end , the Volumes are very little.
- Due to these less volumes there's not much movement in Markets.
- Market was within 17200 to 17300 until 3 pm for most of the time.
- After 3 pm there was a sudden downmove.
- Nifty fell 70-80 points whereas Bank Nifty fell 300 points.
- Today's expiry is expected to be rangebound as well.
- Range for today could be 17150 to 17300.
- 17200 PE had the highest open interest on Tuesday.
- Now 17300 CE has added huge amount of open interest.
- This is going to be a stiff resistance for the day.
- Bank Nifty has also witnessed aggressive call writing at all the higher strikes.
- Upside and downside both seem to be quite limited for today.
- But we never know , in this low volume environment one small big move can create trouble for writers and lead Market to trend.
- Chances of this exist but are less likely.
- U.S Markets are at record highs but we are still 8% away on Nifty and 20% away on Bank Nifty.
- We should catch up some of it in January and hence I'm Bullish.
- 16800 is now a short term bottom for this Market.
- Nifty might Trade between 17150 to 17300 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
Comments