- U.S Markets closed lower Yesterday.
- Asian markets are mixed.
- Dow futures are slightly lower right now
- SGX Nifty is down 40-50 points.
- Markets in last 1 week have rallied more than 800 points.
- There was a rally across the Globe markets.
- We participated in that too.
- At the beginning of the month FII's short positions were 80%.
- Now it has come down to 55%.
- They have covered their aggressive short bets.
- Perhaps because of the same there was a huge rally on the upside.
- This raises an important question.
- As FII's have covered most of their aggressive short bets.
- Is the rally of the upside capped in near term?
- Else will the rally keep continuing.
- I sense the Market might consolidate/ trade sideways from here on.
- 16400 to 16800 I sense would be the range of short term consolidation.
- Then we decide what goes on from there.
- Continues rally and steep fall after large rally both aint good In the long run.
- There were many results decalred over the weekend.
- Infy & Reliance results were okay- ish.
- We will also be having Fed event on Wednesday.
- Markets might remain jittery going into the event.
- ICICI Bank was once again quite spectacular results.
- Nifty might Trade between 16540 to 16800 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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