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Short Covering or Trend Reversal? (7th Nov 24)


1. U.S Markets closed higher yesterday. 
2. Dow rallied 1500 points in a day.
3. I don't remember a day where it has rallied so much in the past 4 years.
4. This is some serious stuff going on.
5. Our Markets have also performed very well yesterday. 
6. Nifty closed just near 24500.
7. Mid & Small cap stocks were in limelight along with IT Stocks.
8. Gift Nifty is indicating a small gap down opening.
9. Asian markets are mixed.
10. U.S VIX crashed 22% Yesterday and now near 16.
11. India VIX crashed 10% in last 2 days.
12. Expect India VIX to go below 14 in coming days.
13. Markets have been highly Volatile and trading has not been easy.
14. Nifty has rallied 700 points in last 2 trading sessions.
15. Last 3 trading sessions,  Nifty has moved 400 points on daily basis.
16. Expect Volatility to ease a bit.
17. One thing that's constant is FII selling.
18. They haven't stopped selling spree & sold for 4500 crores even yesterday 
19. Also they have added more shorts in futures market.
20. It won't be a one way smooth rally.
21. Nifty might trade between 24200 to 24600 today.

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