1. U.S Markets closed lower yesterday.
2. Right now Dow Futures are slightly lower.
3. SGX Nifty is down 70-80 Points.
4. Asian Markets are mostly lower.
5. Yesterday was the much awaited FED decision day.
6. Street Expectations going into the event was 0.25% rate hike.
7. FED Delivered the same.
8. So it was basically a non-event with no further surprise in terms of outcome.
9. There was a huge short covering rally in all the Global Markets before the event.
10. Even we have rallied one way from 16800 to 18200.
11. It's more of a profit booking type after the event.
12. Yesterday markets opened lower and were negative throughout the day.
13. It tried to recover during the day but only to get sold into in the end.
14. We are likely to open near 18k today.
15. As I've been mentioning , 18k PE has the highest OI in weekly options.
16. Today we have weekly expiry as well.
17. So one could consider going long near 18k with a stoploss of 40-50 points purely for intraday.
18. Shorting after a large gap down doesn't have risk - reward Equation in our favour.
19. Banking stocks are depecting much strength as compared to other sectors.
20. Nifty might trade between 17980 to 18180 today.