- U.S Markets were muted on Friday.
- Right now U.S futures & Asian markets are higher
- SGX Nifty is at 17400.
- Friday was a pleasant surprise for our Stock Market.
- Despite all the Global Markets against us we had a weekly breakout on both Nifty and Bank Nifty.
- 35k and 17300 on Nifty and Bank Nifty were taken out decisively.
- India VIX is now near 16.
- Markets are trending higher but at a nominal pace.
- Pace is not too violent as we had In November & December.
- Another significant news is FII's buying.
- FII's were net buyers for around 570+ crores on Friday.
- We need to see if this continues or Friday was just a one off day.
- Usually the first trading day sets the tone for the entire month.
- Friday's price action indicates Markets to be trending higher at a slow pace.
- Now we have been turned into a buy on dip Market.
- Any sort of dips should be bought into.
- 17300 PE and 17500 CE has the highest open interest in weekly options.
- 17300 PE closed at 90.
- So if Nifty breaks 17210 these writers could panic and create further downfall.
- Else 17300 to 17500 seems to be the range for this expiry.
- Nifty might Trade between 17280 to 17480 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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