- Dow futures are slightly lower.
- Asian markets are mostly mixed right now.
- SGX Nifty is flat.
- Nifty is likely to have a flat opening today.
- Since last many days , Nifty is opening flat.
- If I'm not wrong , today will be the sixth straight day of flat opening.
- Friday was a volatile trading session.
- Nifty opened flat and traded negative throughout.
- During the day there was some recovery from the lows.
- Even that recovery got sold into later on.
- Nifty tested 18200 and there was a huge rally after 2 pm.
- So in all it was a flat closing but there was some intraday Volatility.
- Generally last weeks of the expiry are volatile weeks.
- All the contracts get squared up , ie futures and options.
- This leads to Volatile trading moves.
- 18200 -18400 is the short term range on the Nifty.
- 18400 was the recent high and Nifty found multiple supports near 18200.
- So this becomes a short term range for now.
- The way to trade the range is to buy near support and sell near resistance.
- That's where risk reward turns to your favor.
- Long term range is 18000-18500.
- I don't think any of the above levels would get taken out this expiry.
- Nifty might trade between 18200-18400 today.
- Once we get a closing above or below any of these levels then we shall look at the next plan.
- Until then the above plan holds.
- 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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