- U.S Markets closed lower on Friday.
- Asian markets are lower.
- SGX nifty is down 200 points.
- So there is a huge gap down in store.
- Every day we are opening with big gap down in the month of May.
- U.S markets are finding some support near 52 week lows.
- How long will this sustain we have to see.
- Yesterday night all the crypto currencies fell at least 5%.
- So it gave a clue that Dow futures could be negative.
- But it would be down more than 1% nobody expected.
- It's more likely that we would be heading to our 52 week lows as well
- 16000 PE has the open interest in monthly options as well as weekly.
- These are also in trouble right now because of such huge gap downs
- At each and every level there is large call writing now.
- All Call options above 16500 have huge open interest in monthly.
- FII's long position stands only at 22% and shorts at 78%.
- I haven't seen such bearish positioning by FII since Covid 2020.
- Just imagine if they cover 78% shorts itself this could lead Market higher .
- Right now things are looking quite bad and we seem to be heading to 15700 as well if 16100 is broken decisively.
- Nifty might Trade between 16100 to 16400 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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