- U.S Markets closed lower Yesterday.
- Asian markets are mostly lower.
- Dow futures are slightly higher right now.
- SGX Nifty is down 30-40 Points.
- Yesterday we had a sort of short covering rally in our Markets.
- Markets found support near 18200 and recovered sharp.
- Now the range for nifty is 18200 to 18500.
- Nifty might consolidate in this range for a while.
- November expiry was at 18500 for nifty.
- December month we first moved towards 18900.
- Then fell back to 18350.
- Moved towards 18700 again
- Fell all the way to 18200.
- Now again close to 18500.
- On a close to close basis , Markets having gone anywhere.
- Expect December expiry somewhere close to November expiry.
- It should be plus or minus a percent from 18500.
- Bank Nifty on the other hand has been scaling fresh heights.
- Nifty is finding momentum because of Bank Nifty.
- Nifty might trade between 18300 to 1855p 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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