- U.S Markets closed higher yesterday.
- Right now Dow futures are higher.
- Asian markets are higher.
- SGX Nifty is near 17320.
- Suggesting a positive opening for the day.
- Yesterday was a totally volatile session.
- First half as expected sell off started to accentuate and at one point of time 17000 was on the cards.
- Market took support near important levels 17050 and shot up from there.
- It was a huge short covering in the second half yesterday.
- This V shape recovery and volatility is chopping off the traders.
- Killing on both sides.
- Many of my trader friends lost huge amounts yesterday.
- I basically hedge my positions so I am in minor loss but we know how to manage positions.
- 17000 for me is a short term low and I don't see Market going there expect in the last week of Feb.
- Last week of expiys are hugely volatile so anything may happen in the last week.
- Don't expect 17000 to breach in next 7 trading sessions including today.
- 17300 CE added good open interest yesterday and 17400 CE added huge open interest.
- If gap up sustains , these call writers may be trapped.
- Important point here is India VIX crashed 4% yesterday.
- Even though Market is hugely volatile , india VIX is going down.
- This indicates stability in the short term.
- Nifty might Trade between 17100 to 17400 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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