Narrow Consolidation (21st April 2023)

1. U.S Markets closed mixed yesterday.

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

3. Asian markets are mixed.

4. SGX Nifty is indicating the flattest of openings.

5. Yesterday was a typical option sellers expiry.

6. At the open, ATM straddle of nifty was just 70 points.

7. In my last 6 years of trading journey, these are the lowest premiums ive come across

8. Yesterday Nifty once again touched 17600.

9. Again closing higher above 17600.

10. So markets are now in an extreme consolidation Mode.

11. It's trading so flat and just within a range.

12. Bank Nifty is finding strong support near 42k.

13. Nifty Is in a tight band of 17600 to 17700.

14. Bank Nifty between 42k and 42400.

15. Larger range for nifty for this expiry is 17500 to 17800.

16. That's where the highest open interest has been built in.

17. Do not see any bigger move unless any of the above levels get taken out.

18. Midcaps and smallcaps continue to outperform the major indices.

19. Market breadth was quite positive as well yesterday.

20. Advances were higher than the declines.

21. It's an option sellers market now.

22. Nifty might trade between 17500 to 17800 today.

23. stockmarketadvisory.in

Comments

Reversal from 20k (24th July 2023)

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1. U.S Markets closed higher Yesterday. 2. U.S Markets are trading at their all time high on daily basis. 3. S&P 500 is now at 5k. 4. This has been a stellar show across the globe. 5. We have an Election Year in the U.S as well. 6. As you might not be aware more than 45% U.S citizens invest in stock market. 7. So for the Government to have a good impression and to gain vote Bank stock market have to be kept higher. 8. Government and FED will do what all they can to keep pro markets 9. Bank Nifty showed signs of comeback yesterday but the rally failed again. 10. Largecap stocks continue to underperform whereas Mid & Small caps continue to soar new highs. 11. Once a trend develops in the markets it can go on for a long time than expected. 12. Interestingly , I was doing some number crunching yesterday and found that small & mid cap companies have given better than expected results than large caps. 13. Most of the large caps have disappointed. 14. Star of the pack

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1. U.S Markets closed higher yesterday. 2 Right now , Dow Futures are slightly higher. 3. SGX Nifty is higher by 40-50 Points. 4. Asian Markets are higher. 5. Yesterday was a strange trading day. 6. I say strange because SGX Nifty pre market was showing 30-40 point gap up opening. 7. Nifty opened around 120 points higher. 8. This was a huge gap up out of nowhere. 9. So naturally it was an excellent shorting opportunity. 10. The Volatility again yesterday was super high. 11. Nifty tested the previous day low of 18100 once again yesterday. 12. There was an intense selling during the last 30 minutes yesterday. 13. Surprisingly, INDIA VIX hasn't inched higher in last 3 days of extreme sell off. 14. This shows that there is lesser panic in the markets right now. 15. Currently, we have a good risk - reward trade opening up on Nifty. 16. 18100 looks as a double bottom being made on Nifty for the short term. 17. There are fever indications for the same 18. One could g

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