US market had an up-day after it is reported that Russia is removing its forces from Ukraine border.
US 10 years bond yield is still near top. In fact, the above report did not have much impact on this.
Oil prices, though retreated a bit, but still near the top.
Gold price is coming down to test the recent breakout area. Time will tell whether that breakout can be perceived as a failure or not
Indian market completely recovered the debacle of 14-Feb on the back of the news of Russia retreating its forces, as if, that is the only thing impacted Indian economy.
In F&O space, retailers have turned bearish after the upmove but FII and Pro have temporarily turned bullish.
FII sold more than 2000 crore on 15-Feb and DII bought double of it. It is great to see that DII is still finding value in the already overheated market.
Note that FII selling in cash but buying in stock future. This shows that their purpose is never to bring the market down but they know that whatever they sell, retailers/DII will absorb that and thereby taking some of the stocks higher and so, take advantage from there also.
On 15-Feb, India market gave a big single day rise and next resistance will come at 17450 level. Unless market gives a followup run on 16-Feb, last move can still be seen as a corrective one.
US future is showing signs of pull back on morning of 16-Feb.
SGX Nifty closed the night before with more gains after closing of Indian market but India market is expected to open flattish or a small gain.
Put call ratio suggesting market is overbought now. But that is not a good indicator of suggesting exact move.
Market may open around 50 points gap up and then can consolidate during the day. Some corrections or profit booking expected in second half. Overall, today’s high will have some importance going forward, this being a time cycle pressure date.
Level wise, market should not revisit low of 15-Feb. If that happens, then this time, the trend line support can not save the market.
In 4 hour chart, we took support from lower trendline and near the upper trendline resistance. So, today will be a good decider day of future moves.