Reversal from 18400 (24th May 2023)

1. U.S Markets closed lower Yesterday.

2 Right now , Dow Futures are slightly higher.

3. SGX Nifty is lower by 40-50 Points.

4. Asian Markets are mixed.

5. Yesterday was a reversal day.

6. Not exactly a reversal day , it could be termed as a profit booking day

7. Majority of the profit booking happened in the final 30 minutes.

8. Nifty fell 70 points from the day high.

9. Bank Nifty closed slightly negative.

10. Weighted average rates of the last 15 minutes are taken during closing.

11. Hence it's showing a better picture than what exactly is reality.

12. 18400 could be a double top for this expiry.

13. As of now , the current picture shows the same.

14. Bank Nifty is underperforming Nifty since many trading sessions now.

15. Current range for nifty is between 18200 to 18400 now.

16. Bank Nifty is facing stiff resistance at 44100 levels.

17. Twice now , it has reversed from 44100 levels.

18. Volatility is a bit high in the final week of expiry.

19. U.S VIX inched 8% higher yesterday.

20. High Probability that India VIX could go higher today.

21. Nifty might trade between 18250 to 18400 today.

22. stockmarketadvisory.in

Comments

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