- U.S Markets closed 650 points higher yesterday.
- Omicron fears seems to be subsiding now in the Markets.
- Dow Futures are Asian markets are slightly lower.
- SGX Nifty is down 30-40 Points.
- Last 2 days been a positive surprise for the Bulls.
- Markets have rallied 400 points in last 2 trading sessions.
- Yesterday last 1 hour huge short covering scaled up Nifty to 17400.
- FII's were net sellers even yesterday but sold for less than 1000 crores.
- Is everything fine and are we out of the woods yet?
- I don't think so.
- We have multiple resistances for Nifty near 17450 , 17500 and 17600.
- 17600 is the most stiff resistance of all and Nifty has reversed 2-3 times from there in the past.
- 17200 is a good support now.
- So now the range seems to be 17200 to 17500.
- Markets are quite volatile and there have been large moves almost on an everyday basis.
- 17000 PE continues to have the highest open interest in monthly options.
- Larger range would be 17000 to 17600.
- Market seems to be overextended now on the upside.
- 17250-17300 dip towards Intraday could be a good place to go long.
- Nifty might Trade between 17200-17500 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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