- U.S Markets closed slightly higher yesterday.
- Dow futures and Asian markets are mixed now.
- SGX Nifty is trading at 17550.
- Yesterday we had a big short covering rally in our Markets.
- Nifty has come near it's higher range of 17500-17600.
- Im not much hopeful of today's gap up and I feel it should be sold into durring the day.
- Markets have rallied on the back of short covering and positive Global Cues.
- Now it's the time for Consolidation / Profit booking.
- 17400 PE has the highest open interest for today's weekly expiry.
- This should act as a strong support and if this breaks we might see much more downside from here.
- 17530 is the 20 DMA for Nifty and 17600 Is the higher range so if one is long the profits should be taken off here.
- FII selling has reduced but the numbers are not that great yet.
- FII long position is at 73% which suggests a profit taking zone.
- Also Yesterday FII's have net sold in Cash and Futures Market.
- Today we might have a Volatile expiry considering yesterday was a trending day.
- Markets are killing and chopping off the traders on both sides.
- Nifty has made a swing of 1800 points in last 6 trading sessions.
- Nifty might Trade between 17400 to 17600 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