- 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
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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