- U.S Markets were closed yesterday.
- Right now Dow futures are slightly higher.
- Asian markets are mixed.
- SGX Nifty is flat.
- Yesterday was a Bullish Indian market.
- This Bullishness persisted inspite of flat Global cues.
- Markets closed almost at the highest point of the day Yesterday.
- This is surprising because when I see data it shows otherwise.
- FII's short position is 81%
- In spite of having such huge shorts HDFC twins outperformed yesterday.
- Data shows FII's have net sold in cash market.
- Global markets were flat.
- All this events made yesterday rally a bit puzzling.
- As everybody knows Indian markets are high beta markets.
- We go up fast and come down faster.
- 17500 PE has added huge open interest yesterday.
- 17600 PE also has decent open interest.
- Traders are expecting 17500 to act as a strong support.
- Resistance to come near 17800.
- Within this 300 point range markets are likely to be volatile.
- Nifty might Trade between 17500 to 17800 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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