The Budget has been 50:50. Not very good or very bad.
Market has been trying to move higher but has strong resistance
at 9000 level.
We need to see if we could sustain this levels.
Call writers are active @ 9000 and Put writers are active @ 8500.
So I would not suggest any fresh long positions. For people who
have longs should look for booking profit or hold with strict stop loss.
VIX has come down drastically which shows market is becoming
very complacent that market will make new highs. This is not good
as market may get topped up and we could see correction.
I would say be cautiously optimistic. Though we do not have reversal
signs, market might see correction soon, so do not buy anything now.
Market has been trying to move higher but has strong resistance
at 9000 level.
We need to see if we could sustain this levels.
Call writers are active @ 9000 and Put writers are active @ 8500.
So I would not suggest any fresh long positions. For people who
have longs should look for booking profit or hold with strict stop loss.
VIX has come down drastically which shows market is becoming
very complacent that market will make new highs. This is not good
as market may get topped up and we could see correction.
I would say be cautiously optimistic. Though we do not have reversal
signs, market might see correction soon, so do not buy anything now.
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