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Pre - Market Analysis (10th August 2022)

  1. U.S Markets closed mixed on Friday.
  2. Asian Markets are mixed.
  3. SGX Nifty is down 40-50 points.
  4. We are likely to open around 17500 today.
  5. 17500 is an important zone as the previous swing high was 17490.
  6. On Monday Markets closed above 17490.
  7. SGX Nifty made a high of 17650 in the weekend but due to Flat Global cues it came back to its original level.
  8. Indian Markets are making wild Intraday swings compared to U.S Markets.
  9. U.S Markets are trading within small range.
  10. Markets seem to be waiting now for the Inflation data.
  11. Tomorrow we will be having U.S Inflation data.
  12. Many countries which have reported Inflation like China etc have reported lower inflation numbers.
  13. So Inflation numbers of U.S are also expected to be lower.
  14. It will be interesting to see the Market reaction on the Inflation numbers.
  15. 17400 PE has the highest open interest in weekly options.
  16. 17700 CE added good open interest on Monday.
  17. So the weekly range could be 17350-17700.
  18. We have an event coming up so this range might be breached too.
  19. Trend is Bullish so any dip offers a good buying opportunity.
  20. I see people saying it as a Bear Market rally / pullback so this gives me much more confidence that this isn't a fake rally.
  21. This rally has more legs to go forward.
  22. Nifty might Trade between 17400 to 17600 today.


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