FIN Nifty reversal (17th 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 Volatile FIN Nifty expiry.

6. Markets reversed 150 points from the highest point of the day.

7. This also comes to a percent type of reversal.

8. Now , Nifty us back to the range of 18200 to 18350.

9. 18200 is a strong support on Nifty now.

10. Bank Nifty reversed as well from 44k.

11. It could be termed as profit booking Yesterday.

12 Generally , such type of reversals either make you consolidate in the previous range.

13. They can even break the previous swing high from which they have reversed.

14. 18500 CE has the highest OI in monthly options.

15. This also caused the markets to correct from these levels.

16. I expect markets to consolidate in the short term.

17. U.S VIX went up 5% yesterday.

18. Expect India VIX also to rise a bit.

19. Nifty might trade between 18200 to 18450 today.

20. stockmarketadvisory.in

Comments

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