- 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
1. U.S Markets closed lower on Friday. 2. Dow Jones was flat. 3. Nasdaq was the underperformer. 4. Gift Nifty is down 30-40 Points. 5. Asian markets are mostly lower as well. 6. Friday the Nifty opened with a gap down of 200 points. 7. Within the next 10 minutes , Nifty recovered 100 points. 8. Bulls expected recovery is on the cards but Nifty started to Crack. 9. Bank Nifty was holding up Nifty for most of the while. 10. It couldn't be able to provide much of a support and Bank nifty also began to correct. 11. The issue now is market has had vertical rallies. 12. One way quick rallies so now the downfall will also be vertical. 13. When markets go up quick , they come down quicker. 14. Infy dragged the mood and also HUL didn't post extraordinary results so it was also a laggard. 15. Banks tried hard to hold the markets but couldn't. 16. Over the weekend , AU Bank and icici bank reported very good numbers. 17. These banks have already rallied a lot before results
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