- Dow Jones & S&P 500 closed flat yesterday.
- Nasdaq closed lower yesterday.
- Asian markets are mixed.
- SGX Nifty is as flat as it can be.
- Yesterday Nifty took out its all time high of 18607.
- After taking out its all time high , Nifty started racing towards 18700.
- Nifty went close to 18700 during the day.
- Last hour there was a heavy profit booking and Nifty once again crashed again 70-80 points from day high.
- This profit booking in last hour has been happening since two trading sessions.
- 18500 is now a crucial support for the markets.
- Generally , in the past as and when all time high is taken out , markets consolidate for a few trading sessions.
- Expecting markets to consolidate for this weekly expiry.
- Next leg of rally is highly Likely after a consolidation phase in the market.
- Markets rallying in straight line isn't a positive sign always.
- As when there's profit booking , it will be severe.
- FII"s and DII"s both have turned net buyers , now there's nobody on the sell side.
- India VIX is at its lowest level of past 2 years.
- Next larger move is expected to arrive only if 18500 is taken out on lower side or 18700 is taken out on the higher side.
- Until then , rangebound move is likely to continue.
- Nifty might trade between 18500 to 18700 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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