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Sell off at ATH (23rd June 2023)

1. U.S Markets closed mixed yesterday.
2. Dow Jones closed flat whereas Nasdaq was higher than a percent.
3. Technology stocks are outperforming in U.S
4. Dow futures are lower right now.
5. Asian markets are lower.
6. SGX Nifty is indicating a gap down of 15-20 Points.
7. Yesterday markets were Slightly more Volatile than usual.
8. India VIX is close to all time lows.
9. Premiums are ultra low right now.
10. The biggest issue for option sellers arises when ViX goes from low to high.
11. That's when the premiums shoot up and creates huge issues for sellers.
12. Plus this is the final week of June expiry
13. Volatility & Gamma effect both are high during the final trading week.
14. This is due to squaring up , rolling over of positions to next month.
15. Nifty currently is trading violently in the range of 18600 to 18900.
16. Bank Nifty had outperformed Yesterday.
17. Largely its also trading In a tight range.
18. In Ranging markets , risk reward favours in buying near the lower end of the range and shorting near the upper end of the range.
19. All of the above with strict stoploss.
20. Currently my view has changed to Slightly bearish/ neutral.
21. I will become Bullish once 18900 gets taken out.
22. Nifty might trade between 18600 to 18900 today.


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