- U.S Markets closed higher Yesterday.
- Asian Markets are higher.
- Dow Futures are Flat.
- SGX Nifty is Trading at 17300.
- Yesterday at opening we had a slight gap down and it was immediately bought into.
- Any sort of dip the Bulls are latching onto it.
- Specially for Nifty , Previously Nifty finance used to have 35% weightage and IT near about 17%.
- Now the Nifty composition has changed.
- Nifty IT because of the Mammoth rally in last year has now become equal to Nifty finance.
- Both Nifty IT and Finance have 27% equal weightage.
- IT Stocks are in a tremendous Bull run.
- This last happened in 1999 before Dot com bubble.
- I do not see IT Stocks stopping here.
- The Momentum will continue further and has lots of steam left.
- Now the focus should be on Nifty than Bank Nifty.
- As Nifty IT has been outperforming Nifty is gaining momentum.
- Bank Nifty is underperforming and will continue to underperform Nifty in long term.
- So focus should be on outperforming index rather than thinking the Underperforming Index would catch up.
- 17500 for Nifty is the next target and that should be achieved by coming Expiry.
- Any sort of dip on Nifty should be bought into.
- 17000 is a strong support on Nifty for September Month now.
- Nifty might Trade between 17180 to 17420 today.
- stockmarketadvisory.in
1. U.S Markets closed lower on Friday. 2. Dow Jones was flat. 3. Nasdaq was the underperformer. 4. Gift Nifty is down 30-40 Points. 5. Asian markets are mostly lower as well. 6. Friday the Nifty opened with a gap down of 200 points. 7. Within the next 10 minutes , Nifty recovered 100 points. 8. Bulls expected recovery is on the cards but Nifty started to Crack. 9. Bank Nifty was holding up Nifty for most of the while. 10. It couldn't be able to provide much of a support and Bank nifty also began to correct. 11. The issue now is market has had vertical rallies. 12. One way quick rallies so now the downfall will also be vertical. 13. When markets go up quick , they come down quicker. 14. Infy dragged the mood and also HUL didn't post extraordinary results so it was also a laggard. 15. Banks tried hard to hold the markets but couldn't. 16. Over the weekend , AU Bank and icici bank reported very good numbers. 17. These banks have already rallied a lot before results
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