Yesterday Night US market posted their biggest one-day rallies since 2020. Dow jumped more than 1200 points. The S&P rose 5.5%, and the Nasdaq surged about 7.4%. Indexes in the Asia-Pacific sharply rose in early trade today. SGX Nifty 18432 +335 pts.
Today we will see a very big surge & a mammoth Gap up opening as US data came better than expected. Investors hope that inflation may be cooling. U.S. Treasury yields plunged after the data release.
Yesterday though opened lower by 100 points at 18044 and corrected up to 17969 but the index showed a bit of recovery in the last hour of trade and Nifty just able to close above 18000 mark at 18028. Day to day basis down by -129 points and formed a high wave kind of pattern on the daily charts. A high wave candle formations after a reasonable weakness call for an upside bounce from the lows.
A sustainable move above 18100 levels could confirm a higher bottom reversal and that could open another round of upside bounce.
On the Upside :- For Swing Traders Bulls will get active above 18300/350 for a move towards 18420-18480 & 18550/600. On the Down side :- Bears will get active below 18000 for a move towards 17955/17933/17900 & then major Gap support in between 17899 to 17838.
India VIX was down by 2.18 percent to 15.57 levels. It provides good support to the market as we have been seeing Nifty consolidating above 17900 in the current month.
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