- U.S Markets closed lower yesterday.
- Right now , Dow Futures are higher
- SGX Nifty is up by 80-100 points
- 100 point gap up / gap down has become a normal routine now
- Markets now have become highly volatile.
- Yesterday as soon as markets opened there was a heavy sell off.
- Throughout the first half markets were sliding.
- Finally Nifty found some support near 17k.
- There was a short covering bounce from 17k to 17150.
- That was sold into during the end of the day.
- Put Call Ratio right now is at 0.58
- Max PCR I have seen in my life is 0.8.
- Generally markets bottom out at 0.8 PCR.
- This is astonishing and the markets are too oversold
- Any Positive trigger could easily take markets higher by 300-500 points.
- 17000 to 17200 is the range for now.
- Breach of any of these level could give a trending move.
- Until then markets is likely to be volatile within the range
- The reason for such bearishness is Rupee depreciation.
- Rupee is now at 81.5 against US Dollar
- Currencies all over the World are depreciating.
- This is exerting pressure on markets.
- IT Stocks outperform during such scenario as depreciating rupee is the most beneficial for them.
- Nifty might Trade between 16950 to 17250 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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