The financial landscape has taken an exciting turn as the bulls return with full force, marking a remarkable 9th consecutive positive close for Nifty Futures. Witnessing an impressive ascent from 16,942 to 17,884 levels, the market has experienced a gradual yet steady climb.
While the past week may have been characterized by its unusually slow-paced growth and lackluster volatility, this hasn’t stopped Nifty Futures from making significant strides. With an intra-week range of 236 points, it has secured its position as one of the lowest ranges for the year 2023.
As we celebrate this resurgence of bullish momentum, it’s important to stay tuned to market trends and keep an eye on how the financial landscape continues to evolve. The current market conditions may just be the beginning of very short-term sideways consolidation markets.
The immediate support area is approximately at the 17,725 level. The majority of Nifty’s pullbacks in the last two weeks have been minor, and any significant pullback within the 17,700-17,750 range presents an opportunity to explore long trading positions for short-term gains.
Monday is the day of stress testing the index management traders #infy
— Marketcalls (@marketcallsHQ) April 14, 2023
Which heavyweights do you think will be managed heavily?
Indian VIX
On the other hand, India VIX has dropped below 12 and continues to experience reduced volatility. The Implied Volatility currently stands at around 10.85 levels, with the IV Percentile at 0.81 levels. This suggests that market participants are neither panicked nor overly greedy at this moment, indicating a slow and steady trend is still in progress.
Strangle !SD Range
Weekly Straddle 1SD brings a possible range of 17553.0-18047.0 with the probability of 68% trading range.
The next Major event is towards. FED Interest Rate Decision on 3rd May 2023 until then the bull market could survive in the shorter run,
