[ad_1]
What a Day! Indices Play on Trampoline!
EOD 16594/+249/+1.53%
EOD +660/+1.95%
India Vix 25.58/-6.88%
FII DII data not available
SGX Nifty at 1800h -79
2230h 9-3-22
On the news of likely potential diplomatic talks between Russia and Ukraine, the global markets are showing strong positive moves and SGX Nifty reads at 16549, a good 200+ points up from the close of 9-3. Assuming that the sentiment remains the same, tomorrow could see a range-bound expiry if the market is able to hold on to the opening low.
10-3-22 0920h
From the opening high of 16757 to the opening low of 16593 it was high power at play even as India Vix fell by 10%. Such moves make me curious about how the Vix actually works.
The euphoric rise in the heavyweights would have meant panic profit booking coupled with FII taking the plunge to meet their AM “Sales target”.
And after the first 15 minutes of frantic moves, the indices slowed down and the opening low protection became the primary concern as the State elections outcome started trickling in.
1050h
Spectacular lift-off by Bank Nifty of 4.5% came in as the uncertainties related to the State elections outcome became clearer. Market participants need the absence of avoidable uncertainties and once that was more or less cleared, the rally strengthened after attempting to retest the opening low.
Well, I was expecting a range-bound expiry but the market participants had some other plans to execute. I am now most curious to see if FIIs end up as Net Sellers even today?
1140h
And since today all non-IT heavyweights are on a roll, Infosys (NS:) and TCS (NS:) are taking a breather in positive terrain which is a good sign as they will be called upon to play their part when needed.
And as the lull period of the day has begun, the indices now seem to be fatigued and may need some recovery time, especially today being the expiry day.
open may see some selling as it’s the weekly expiry and as one of my trainers used to say – after the good news is out, there’s no news so the market may move per global nudges.
1230h & post that
The indices fell from their highs and came closer to 34900 & 16650. So the selling pursuit is ahead of FTSE open and even India Vix has started to move up. The expiry fireworks seem to have begun. As the open neared, the moves became volatile and pacy.
1330h & thereafter
Frankly, I didn’t expect an expiry as volatile as it was today after an outstanding rally from where the indices ended today. But then, if it does what is generally expected, it’s not the stock market! And so started the sinking process as soon as it became clearer that FTSE is trading in the red and is likely to be so till we end our session.
From a high of 16757, the Nifty crash landed to a low of 16447 & the corresponding numbers for Bank Nifty were 35374 to 34218. In terms of points as well as % fall, it was quite a fall.
And then came to the expiry bounce back and the indices recovered well, especially Nifty.
Nifty Support 16200-400
Bank Nifty Support 33800-34000
As long as today’s low levels are held on, we may be able to keep recovering from the brutal hammering received.
Video link: https://youtu.be/FUVIpuvdc3U
[ad_2]
Source link
