2 min read

Market View 20230717

Market View 20230717

On Friday we witnessed a last minute short covering, but we haven't crossed the previous day high, but have tested the previous day low. And given the gap fill below, will wait to see if that gets filled. Being a Monday, I've noticed a gap up frequently, and then it holds till the end of day. Could it be different this week?


After half a day of sideways movement, we see a short covering again, upto the 45000 level, which we say earlier (through the large straddle positions for July & August). Let's wait and see if it will sustain, or just another failed attempt.

We have to keep in mind HDFC Bank results & IT earnings are coming out, so that will also affect the price action.

Also keep in mind that the India VIX is also up by 5%.

This is a sign that we could see some more volatility, can we expect a pump & dump for the close of today?
The BN is trying hard to stay above the previous high, if it does, that could indicate a reversal pattern, and we're going to move higher. BUT, we still have gaps to fill below!

Let's also have a look at the key indices...

All time highs in NF and BN, Dow seems to be at a resistance level, gold is unusually strong, Bitcoin is slowly recovering, but USD remains at 82 level and forming another pattern for a big move.


And so, we have a massive short covering today, with the BN ending up 1.4% today!