We totally disrespected the US markets yesterday. Many including me expected markets to crack and fall drastically after Dow closed by losing 1200 points. But that was not the case. Nifty opened with a gap down and from there it was a trending day and it closed in the green.
Banknifty shot up 1200+ points from the day's low. nifty shot more than 250 points from day's low. Banknifty is in green for 5 consecutive days. Nifty was in the green for 4 days and yesterday it closed in the red.
Surprisingly, FII sold for the day. I didn't expect that. Even DII buying was not very huge. So was it the retailers who took it from low to high?? If that is the case then I would be careful and stay away.
For now, I will be closing my long positions and waiting for a dip. This rally is not something I am comfortable with. So people who are going long, all the best. I want to be out.
Vedanta will be venturing into semiconductors, glass, and optic fiber manufacturing by collaborating with Foxconn. It shot up 10% yesterday.
Bitcoin is again below $20k. There is some merge happening in Ethereum. They are upgrading to a different model which works in a way where the energy consumption for operating the network goes down by more than 90%. Will Ether be the new crypto king?
Buju numbers came out yesterday and it was not good. They have lost almost 4000+cr. This has put doubts on the startup ecosystem.
Yesterday it was IT which dragged the market. Banks and metals were on fire. Today IT may contribute as Nasdaq has been in the green.
MY TRADES
- I will be closing my long trades and will wait for sometime for the dip to reenter.
- Today's weekly expiry trades are all in the green.
- Yesterday I tweeted that nifty is a buy above 18k and yesterday it closed at exact 18k. Now even I don't know what should be concluded from here, so I stay out.
- US markets were flat after a massive fall.
- Europe closed in red.
- Today the Asian markets are higher. SGX is suggesting a 50 point gap.
- FII sold for 1400cr and DII bought for just 200 cr
- $ is hovering around Rs 80
- Crude is at $94
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