- U.S Markets closed lower Yesterday.
- Most importantly , S&P 500 VIX closed above 25.
- This is a disturbing sign of option writers.
- When VIX goes higher put options go higher but CE do not fall proportionally.
- It looks like a short term Correction has begun in U.S Market.
- Asian markets and Dow futures are lower now.
- Just a few days ago , Nifty made a high of 18350.
- Yesterday's low was 17650.
- This is a massive correction of 700 points already.
- We are correcting because of Global Markets.
- A good thing happening due to this is we are going into Budget with less optimism.
- A positive or a no negative budget can turnaround this Market.
- Until then , I think we have to bear this pain.
- Yesterday was a downward trending day with last hour providing short covering rallies.
- Next support for nifty now is at 17500.
- Yesterday SGX Nifty hit a high of 17900 as Dow was up 500 points in first half.
- In 2nd half Dow fell 900 points from high and SGX crashed to 17700.
- Nifty might Trade between 17500 to 17800 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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