- U.S Markets closed mixed yesterday.
- Right now Dow futures slightly lower.
- SGX nifty is higher & trading at 15750.
- Yesterday it was majorly a Consolidation in the Global markets.
- Asian markets are slightly lower.
- After such a huge short covering rally consolidation is necessary to keep momentum intact.
- So this looks more of a consolidation and not of a trend reversal
- U.S GDP data is going to be out tomorrow.
- Perhaps market is waiting for the same and hence theres cautiousness.
- Most importantly , U.S VIX fell yesterday.
- In spite of U.S VIX falling , India VIX keeps on going higher.
- Yesterday as well in a Bullish market India VIX was higher.
- In U.S the VIX falls gradually but in India it doesn't fall for few days and then goes down at one go.
- FII's are on a selling spree and now almost every market participant knows the same
- Bank Nifty underperformed Nifty yesterday.
- This is because bank Nifty has outperformed Nifty in the last week
- So now a profit booking was on cards.
- As long as 15700 holds , uptrend is intact.
- Major downside only below 15700 for Nifty.
- Nifty might Trade between 15700 to 16000 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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