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War scare fading away? (28th Oct 24)



1. U.S Markets closed mixed on Friday.
2. Asian markets are higher right now.
3. U.S Futures are higher right now.
4. U.S VIX is now below 19.
5. Gift Nifty is indicating a gap down of 60 points.
6. Friday was again a day of huge selling in the markets.
7. Nifty opened flat and was rangebound for an hour.
8. Then came the selling pressure.
9. It was so huge that Nifty even touched the budget day low of 24076
10. Last 1 hour there was a reversal but it wasn't due to any good news.
11. Reversal was mainly due to shorts covering their profits before the weekend.
12. Over the weekend , there were some positive developments.
13. Crude oil has fallen 5%.
14. This is because there have been signs of peace and war coming to a halt.
15. ICICI Bank has declared very impressive results over the weekend. 
16. These results would likely keep bank nifty positive.
17. Markets are near the final support level of 24000-23900 now.
18. Bulls would like to have a flat to positive closing today.
19. This would give an indication that the selling has paused.
20. Nifty might trade between 24000 to 24400 today.

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