Hello reader, hope you’re doing well. On a tumultuous Thursday, Wall Street closed with gains, and the S&P 500 broke a four-day decline. Investors were trying to navigate how the US economy would be impacted by changes in interest rate policy. Most of the markets in the Asia-Pacific region saw gains on Friday, with Kazuo Ueda, the nominee to head the Bank of Japan, addressing questions during his confirmation hearing. Will be keeping the post short today as there aren’t that many major changes.
Important points to note:
- SGX nifty indicates a gap-up opening by about 54 points, or 0.3%
- Both Nifty and Banknifty at major support levels of 17500 and 40000 respectively.
- PCR levels currently at 0.66, with high amount of call writing on all strikes from 17500-18000.
- Nifty Auto, PSE, FMCG are the sectors to watch out for, with a very good chart structure and relative strength, compared to the broader market.
As always, risk management is key, and a proper system in place prevents one from losing out too much, in case of outlier events. Have a good trading day, and may the force be with you!
Disclaimer: this post is for educational purposes only, we are not SEBI registered analysts. Trades mentioned here are not trade recommendations. Equity Investments are subject to 100% market risk, please consult your financial advisor before investing.
This was really insightful! Keep up the great work 👏
Thank you!