Huge Short Covering (3rd April 2023)

1. U.S Markets closed higher on Friday.

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

3. SGX Nifty is indicating a gap up of 30 points today.

4. Asian Markets are mostly higher.

5. Friday was the mother of short covering rallies.

6. First itself markets had opened 200 points higher.

7. This was in itself a huge gap up opening.

8. As soon as Markets opened , markets kept making new highs during the day.

9. So it was a huge trending day.

10. I didn't expect such a huge short covering rally.

11. Also this rally wasn't on the back of any such news.

12. Markets always tend to surprise you.

13. Many people are saying that due to financial year end traders would like to square up positions.

14. For closing of their accounts hence the big rally.

15. This might also be a Possibility.

16. Now the Markets have broken the swing high of 17300 and closed higher.

17. 17200 is now a support for the markets.

18. Next resistance is now at 17500.

19. Bank Nifty also looks quite Bullish right now.

20. This is as of now a pullback rally and not a trend reversal.

21. 17200 to 17500 is the range for nifty now.

22. After such a huge trending day on Friday possibilities of another trending day today is minimal.

23. India VIX is now below 13.

24. Today could be a flat / consolidation sort of day.

25. Nifty might trade between 17200 to 17500 today.

26. Option premiums are low but the Volatility is still higher.

27. stockmarketadvisory.in

Comments

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