Reversal or Profit Booking? (10th July 2023)

1. U.S Markets closed higher on Friday.

2. Right now , Dow Futures are flat.

3. Asian markets are mixed

4. Gift Nifty is indicating a gap down of 50-60 points.

5. Friday was a huge Volatile day for Indian Markets.

6. Nifty opened with a large gap down opening.

7. This gap down was bought into immediately.

8. Nifty then touched 19500 during the recovery in first half.

9. Then came the sell off and it was so intense that Nifty tested 19350 and started recovering during last hour.

10. After 3 pm Nifty again fell almost 100 points.

11. According to me , it was the most Volatile day after March 2023.

12. I had mentioned previously the range for nifty is 19200 to 19500 as of now.

13. Nifty is trading within this range since many trading sessions now.

14. I expect this range to continue for a while now.

15. Fridays action accordingly to me is profit booking and not reversal as of now.

16. There was a huge rally last week in the markets.

17. So traders would like to book profits during coming weekend.

18. There ain't any signs of reversal yet.

19. Momentum is still Bullish.

20. Intact such corrections take the weak hands out.

21. This makes the markets even more healthy

22. Nifty might trade between 19200 to 19500 today.

23. stockmarketadvisory.in

Comments

Pre - Market Analysis (30th Jan 2022)

1. U.S Markets closed higher on Friday. 2. Right now , dow futures are lower. 3. Asian markets are mixed. 4. SGX Nifty is up 30-50 Points. 5. There's no point discussing Global markets today. 6. As we are dealing with our own local issues as of now. 7. The talk of the town is Adani Group. 8. Every stock Market participant during last 2 days have not spent as much time with their wife /gf /husband /bf as they have spent on researching Adani stocks. 9. They shouldn't have wasted so much time in research and should've spent their time with loved ones. 10. As Ultimately my Pre Market report would clear all. 11. Now , the Adani stock price has gone below the FPO price. 12. FPO price is in the range of 3100-3200 and stock price is around 2800 13. Who will subscribe to FPO when they can buy shares much cheaper from the Market? 14. Also over the weekend Adani has come up with a 450 page report addressing one by one the allegations made by Hindenberg. 15. I haven't

Pre - Market Analysis (13th October 2022)

U.S Markets closed mixed Yesterday. Dow futures are slightly higher right now Asian Markets are mixed. Indian Markets are highly volatile between 16750 to 17400. Within this range markets have been making wild swings. Yesterday Nifty did retest 16950 and bounced back sharply from there. Yesterday it was a sharp recovery and Nifty closed at the highest point of the day. Today we have weekly expiry. Generally weekly expirys are volatile. 16950 to 17200 is the range for expiry. In case if we break any of the levels then we might get a larger move during the day HDFC Bank will be delivering the results this weekend Banking stocks are expected to deliver good results Yesterday both the IIP and Inflation data came at negative. Inflation rose to 7.4% and Production also has recuced. So it's a double whammy on both fronts . Next leg of move will be decided by the results of the company's. Until then market is likely to stay sideways. Nifty might Trade between 16950 to 1

Pre - Market Analysis (3rd November 2022)

U.S Markets closed lower Yesterday. Right now Dow futures are higher. SGX Nifty is down 150 points. Asian markets are lower. Yesterday there was a Fed event in U.S Markets. General expectations were an increase of 75 basis points Exactly the same happened and at 11.30 markets recovered sharply from lows Then at 12 as Fed governer started speaking , it was a complete Hawkish statement. This induced lot of volatility and also selling pressure. U.S Markets closed at the low point of the day. Dow Jones fell 500 points. Although all this happened, U.S VIX didn't shot up It stayed flat. HDFC Bank ADR was down 2% yesterday. This could bring pressure in Bank Nifty. However I feel yesterday was an over reaction in U.S Markets. Markets should stabilize from today. 18000 is a strong support for the day. Previously as well many times Nifty went above 18k but couldn't sustain. Nifty might Trade between 17900 to 18150 today. stockmarketadvisory.in

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