- U.S Markets closed mixed on Friday.
- Asian Markets are mixed.
- SGX Nifty is down 40-50 points.
- We are likely to open around 17500 today.
- 17500 is an important zone as the previous swing high was 17490.
- On Monday Markets closed above 17490.
- SGX Nifty made a high of 17650 in the weekend but due to Flat Global cues it came back to its original level.
- Indian Markets are making wild Intraday swings compared to U.S Markets.
- U.S Markets are trading within small range.
- Markets seem to be waiting now for the Inflation data.
- Tomorrow we will be having U.S Inflation data.
- Many countries which have reported Inflation like China etc have reported lower inflation numbers.
- So Inflation numbers of U.S are also expected to be lower.
- It will be interesting to see the Market reaction on the Inflation numbers.
- 17400 PE has the highest open interest in weekly options.
- 17700 CE added good open interest on Monday.
- So the weekly range could be 17350-17700.
- We have an event coming up so this range might be breached too.
- Trend is Bullish so any dip offers a good buying opportunity.
- I see people saying it as a Bear Market rally / pullback so this gives me much more confidence that this isn't a fake rally.
- This rally has more legs to go forward.
- Nifty might Trade between 17400 to 17600 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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