- U.S Markets closed lower Yesterday.
- Right now , Dow futures are slightly higher.
- SGX Nifty is hovering around 17300.
- After a long time we are going to have a flat opening.
- Everyday we have been used to gap up / gap down openings.
- Yesterday I had advised not to chase gap up.
- Markets rallied more than 500 points
- And another gap up doesn't have risk reward in our favour.
- Buying Opportunity was close to 17200-17250 and today we might get that opportunity.
- Upper resistance comes around 17500.
- Expect Nifty to consolidate within this range for a while
- If 17200 breaks we would be retesting 17000.
- Bank Nifty has also recovered from lows.
- Financials are showing strength.
- Today is Friday and generally Friday's are highly volatile.
- FII's like to book profits on their positions so they might do some profit booking today in 2nd half.
- FII short Positions are between 75-80% now.
- This indicates a highly oversold territory.
- Nifty might Trade between 17180 to 17480 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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