- U.S Markets closed flat yesterday.
- Right now Dow futures are lower.
- Asian markets are lower.
- SGX nifty is indicating 100 points gap down.
- This seems to be a action replay of yesterday.
- Yesterday as well we opened with same gap down
- Defended the lower range of 16400 and moved higher.
- Today as well we are again retesting the lows as per SGX.
- Not much has changed within 24 hours so I believe lows to to defended today.
- 16400 should be kept as a stoploss for long positions.
- Once this is taken out then expect more downfall.
- There is high open interest in all the call options.
- Put options below 16300 have added good open interest as well.
- So the range seems to be pretty clear.
- Bank Nifty has showed strength yesterday and it's likely to continue.
- 35000 is a strong support.
- Yesterdays low is to kept on track as it offers a great buying opportunity.
- There will be a lack lustre price action so be modest and take small gains.
- Nifty might Trade between 16380 to 16600 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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