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Pre - Market Analysis (30th November 2022)

  1. Dow Jones & S&P 500 closed flat yesterday. 
  2. Nasdaq closed lower yesterday. 
  3. Asian markets are mixed.
  4. SGX Nifty is as flat as it can be.
  5. Yesterday Nifty took out its all time high of 18607.
  6. After taking out its all time high , Nifty started racing towards 18700.
  7. Nifty went close to 18700 during the day.
  8. Last hour there was a heavy profit booking and Nifty once again crashed again 70-80 points from day high.
  9. This profit booking in last hour has been happening since two trading sessions.
  10. 18500 is now a crucial support for the markets.
  11. Generally , in the past as and when all time high is taken out , markets consolidate for a few trading sessions.
  12. Expecting markets to consolidate for this weekly expiry.
  13. Next leg of rally is highly Likely after a consolidation phase in the market.
  14. Markets rallying in straight line isn't a positive sign always.
  15. As when there's profit booking , it will be severe.
  16. FII"s and DII"s both have turned net buyers  , now there's nobody on the sell side.
  17. India VIX is at its lowest level of past 2 years.
  18. Next larger move is expected to arrive only if 18500 is taken out on lower side or 18700 is taken out on the higher side.
  19. Until then , rangebound move is likely to continue.
  20. Nifty might trade between 18500 to 18700 today.


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