- U.S Markets closed lower yesterday.
- Right now Dow futures are lower.
- Asian markets are mostly lower
- SGX Nifty is near 16700.
- Suggesting a big gap down for the day.
- Today we are about to open below 200 DMA of 16850 on Nifty.
- 16800-16850 is the 200 DMA which has been acting as support since many trading sessions.
- Today is monthly expiry and we are straight away opening below 200 DMA.
- Russia is about to fully invade Ukraine and this has led to collapse in Global Markets
- This is effecting us as well.
- Yesterday was a very rangebound session between 17100 to 17200.
- In last 30 mins Nifty broke 17100 and closed at lowest point of the day.
- Later the overnight selling caused big gap down for the day.
- Todays first hour low would be important.
- If we break first hour low then 16400 is on the cards
- Next support is at 16400 only.
- Once we sustain below 16800.
- Downside expansion has begun and where would it stop is difficult to say.
- As of now 16400 is the coming support and things could get worse if we break 16400.
- Also we have Monthly expiry today so Volatility would be highest due to the same.
- Nifty might Trade between 16400 to 17000 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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