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Reversal from 20k (24th July 2023)


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 so we could expect profit booking on this post results.
18. Make or break level for nifty is 19500-19550.
19. If these levels get taken out then there's further downside to come.
20. One should consider to buy near 19500-19550.
21. Now it's wise to hold onto shorts with a stop of 20k.
22. Nifty might trade between 19550 to 19850 today.

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