1. U.S Markets closed higher yesterday.
2. Right now , U.S Futures are flat.
3. SGX Nifty is as flat as it can be.
4. So we are likely to have a flat opening today.
5. Yesterday all the U.S indices were up more than a percent in the first half.
6. It looked like the momentum would continue.
7. In the 2nd half there was selling from top.
8. They closed with minor gains yesterday.
9. Yesterday was a strange and surprising price action in our Markets
10. I'm saying this because there was a huge divergence between nifty and bank nifty.
11. Nifty was down about a percent yesterday and Bank nifty closed higher by 300+ points.
12. The general trend since a couple of months was to sell Banks and Buy IT
13. Yesterday was a reversal of the same.
14. Buying was witnessed across Banks.
15. IT Stocks on the other hand , saw a massive sell off.
16. Markets look very weak.
17. Nifty is witnessing huge selling pressure.
18. Pullbacks are also quite mild now.
19. Yesterday the Budget low and 200 DMA got tested.
20. This indicates the strength is getting reduced on the upside.
21. Nifty might trade between 17250 to 17550 today.