Should you sell the gap up? (27th March 2023)

1. U.S Markets closed higher on Friday.

2. Right now , U.S Futures are trading higher.

3. SGX Nifty is indicating a large gap up of 100+ Points.

4. Asian Markets are mostly higher.

5. Friday there was a huge sell off in the markets.

6. This was majorly due to STT News.

7. There was a news floating around that STT ( Securities Transactions Tax) is going to be increased in the markets.

8. However there was a clarification pending on the same.

9. On this news , the Markets nosedived.

10. So today the first suggestion would be not to chase the gap up immediately.

11. Second suggestion would be to short near Fridays high with a strict stoploss.

12. Fridays high was close to 17110 on Nifty.

13. Shorting near 17120-17150 with a stop of 17200 works for the day.

14. There is a possibility of a trending move today as well.

15. If the gap up sustains for 30 minutes and we Markets crosses today's high then a trending day is also possible.

16. One should keep all possibilities in mind.

17. As it's a sell on rise market I would like to short near key resistance levels rather than following the trend.

18. Anybody trading on my suggestion should work with serious stoploss.

19. Nifty might trade between 16850 to 17150 today.

20. stockmarketadvisory.in

Comments

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Pre - Market Analysis (18th August 2022)

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Pre - Market Analysis (14th September 2022)

U.S Markets closed lower Yesterday. Dow Jones & S&P 500 crashed 4% each. Nasdaq crashed 5% Yesterday. SGX Nifty is indicating a 300 point massive gap down today Asian markets are lower. Reason is the U.S Inflation data which got released yesterday. Inflation data arrived was at 8.3% . This Data was higher than the expected data. Market wasn't expecting Inflation data to be above 8%. But this data shocked the markets. Yesterday Dow futures were higher till Inflation data was announced. They were higher by 200 points. As soon as Inflation data got announced it spooked the markets U.S VIX rose 15% Yesterday. Right now Dow futures are slightly higher. 17800 is a strong support for Nifty. It this holds we can expect fall to reduce. Fall shouldn't be drastic if Nifty holds 17800. Yesterday many traders had longs as Nifty closed above 18k. All these traders will be chopped off due to this gap down. Nifty might Trade between 17700 to 18000 today. stockmarketadviso

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