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IT Results Shock (21st July 2023)

1. U.S Markets closed mixed Yesterday. 
2. Dow Jones was higher by half a percent whereas S&P 500 was lower by half a percent..
3. Nasdaq cracked 2%
4. Gift Nifty is down 80-100 Points.
5. Yesterday's expiry was kind of surprising.
6. There was a huge rally during 2nd half and Nifty closed just close to 20k.
7. Markets were higher for this whole week.
8. Everyday the markets went up.
9. There's profit booking generally on Fridays if markets were higher for the whole week.
10. Plus 20k is a stiff and psychological resistance.
11. Yesterday I had said that the high of yesterday would be the top for July expiry.
12. This was just a high risk - reward trade.
13. Let's see if the same happens for the expiry.
14. I somewhere sense that this rally has been overextended. 
15. Also the last week there's heavy Volatility and Gamma effect is higher.
16. Infosys announced its results yesterday and its ADR was down 10%.
17. Infosys should open at least 5% gap down today.
18. I would turn Bullish only if 20k is breached decisively on Nifty.
19. Until then , my view stands Bearish.
20. Nifty might trade between 19800 to 20k today.


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