- U.S Markets closed lower yesterday.
- Asian markets witnessed profit booking as well.
- SGX Nifty is down 100 points
- After a stellar rally yesterday all over the Globe this profit booking makes sense.
- U.S VIX was up 5% yesterday.
- Crude Oil jumped from 100 to 105.
- Yesterday Nifty and Bank Nifty closed above their respective swing highs.
- Technically this shows Bullishness in the Market.
- If past 6 Months trend is observed , Tuesdays are generally sideways.
- Market tends to move sideways on Tuesday more often than not.
- IT index was up 3% yesterday.
- All the underperformance after TCS results was cleared in just one go yesterday.
- When was the last time you saw HDFC Bank down by 1% and Bank Nifty up 500+ points.
- PSU banks are witnessing serious re-rating.
- These banking stocks are in a Bull Market of their own.
- Use today's sideways movement to go long.
- The trend right now is Bullish.
- Trend would be negated if we close below 16k on Nifty.
- Option Premiums are also too low considering the fall in VIX.
- Nifty might Trade between 16100 to 16320 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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