- U.S Markets were shut yesterday.
- Right now Dow Futures are lower.
- Asian markets are slightly lower.
- SGX nifty is down 50 points close to 16600.
- We have rallied from 15900 to 16700 yesterday.
- All in a matter of 3 trading sessions.
- 15900 was the expiry low and 16700 was Yesterday's high.
- This rally is majorly due to short covering across the Globe.
- Yesterday India VIX closed below 20.
- Options IV's are very low for this month.
- Indicates that this is going to be a sideways / range bound month with less big moves.
- Yesterday for the first time after almost 1.5 months FII's have turned buyers.
- Yesterday they have bought for 500+ crores.
- This is indeed a good news for the Bulls but we have to see whether it is a continued buying or just a one off day.
- Anyways as long as Global markets are strong we do not have to worry about FII selling.
- 16400 is a strong support now for nifty as we decisively closed above the same yesterday.
- Next resistance is at 16800.
- This is the range you gotta work with for the current time being.
- Bank Nifty underperformed Nifty yesterday.
- This is natural as Bank Nifty outperformed in May month.
- Now it is a prone to profit taking.
- Nifty is likely to outperform bank Nifty as IT index starts to fire.
- Nifty might Trade between 16500 to 16720 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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