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Recovery or Trend Reversal? (29th Oct 24)



1. U.S Markets closed  higher yesterday. 
2. Asian markets are higher right now.
3. U.S Futures are mixed.
4. U.S VIX is now below 19.
5. Gift Nifty is indicating a gap down of 30 points.
6. Yesterday was a day of huge Volatility in our Markets.
7. Nifty opened a bit in green and there was a recovery soon after.
8. Recovery couldn't hold on for long and there was a sell off.
9. 24135 was the low made and then followed by a huge rally.
10. Nifty went close to 24500 yesterday. 
11. Generally , huge Volatility indicates topping out or bottoming out process.
12. So I sense that 24k wouldn't be broken in this week expiry
13. Similarly , there would be a large rally once nifty closes above 24500
14. Until then Nifty would be trading with high Volatility within 24k-24.5k.
15. Bank Nifty on the other hand is leading the market.
16. Excellent results by leading pvt banks & Govt banks is a shining light.
17. I have been selling put options below 23500 for November & next week expiry.
18. Premiums are still highly attractive.
19. I sense that it's a matter of time that Nifty eventually takes out 24500.
20. Nifty might trade between 24150 to 24500 today.

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