Sharp fall in emerging markets currency markets was a shocker. The same is continuing today also. Remember, currency markets are the biggest and most important. Equities come much later. The demand for dollars is very high across global markets including Japan, China, South Korea and India. Coming back to equities,
The volatility is high...it means index option trades have a big range and hence can be hero zero kind of trades. The last 4 days have been gap up or down which is not good. It shows indecisiveness and also fear. It is not good sign.
Nifty. The rejection near 17550 was surprising. I was expecting another 70 odd points before some pullback. The current gap down as suggested by SgX is a result of weak currency markets and some volatility. Resistance is placed at 17460 and support at 17250.
BankNifty. 40500 is a big resistance and support comes in at 39850.... should be a weaker index.
Derivative. Data is weak for the day. Some put buying and today expiry day suggests a decent gap down and weakness.
Highly volatile day.
The volatility is high...it means index option trades have a big range and hence can be hero zero kind of trades. The last 4 days have been gap up or down which is not good. It shows indecisiveness and also fear. It is not good sign.
Nifty. The rejection near 17550 was surprising. I was expecting another 70 odd points before some pullback. The current gap down as suggested by SgX is a result of weak currency markets and some volatility. Resistance is placed at 17460 and support at 17250.
BankNifty. 40500 is a big resistance and support comes in at 39850.... should be a weaker index.
Derivative. Data is weak for the day. Some put buying and today expiry day suggests a decent gap down and weakness.
Highly volatile day.
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