- U.S Markets closed lower Yesterday.
- Dow futures right now are slightly lower.
- Asian markets are down.
- SGX Nifty is down 120-150 points.
- Yesterday after a long time we again had some Volatility.
- SGX Nifty indicated 100 point gap up yesterday but we opened flat.
- Then it was a see-saw ride throughout.
- Market at one point of time turned green but again it was sold into.
- Market closing at the lowest point of the day indicates it was a profit booking day.
- After a huge rally there will naturally be some profit booking visible.
- So now we might go into Consolidation phase before rallying further.
- 17800 is a strong support for Nifty.
- 37000 for bank Nifty.
- After such huge rally everybody is long on the markets.
- Such one sided consensus often takes the Market on the other side and that's what we are witnessing right now.
- Market would attract more shorts / consolidate and then get further steam.
- Until then we should look for opportunities to go long.
- This is still a buy on dip Market.
- We may easily correct 1-2% from here on Indices and it's perfectly fine.
- Yesterday both the hdfc group stocks faced selling pressure at open.
- Midcaps and small caps performed extremely well yesterday.
- This shows there is a concentrated selling on the index heavy weights.
- Nifty might Trade between 17750 to 18000 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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