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Reversal or Profit Booking? (10th July 2023)

1. U.S Markets closed higher on Friday.
2. Right now , Dow Futures are flat.
3. Asian markets are mixed
4. Gift Nifty is indicating a gap down of 50-60 points.
5. Friday was a huge Volatile day for Indian Markets.
6. Nifty opened with a large gap down opening.
7. This gap down was bought into immediately. 
8. Nifty then touched 19500 during the recovery in first half.
9. Then came the sell off and it was so intense that Nifty tested 19350 and started recovering during last hour.
10. After 3 pm Nifty again fell almost 100 points.
11. According to me , it was the most Volatile day after March 2023.
12. I had mentioned previously the range for nifty is 19200 to 19500 as of now.
13. Nifty is trading within this range since many trading sessions now.
14. I expect this range to continue for a while now.
15. Fridays action accordingly to me is profit booking and not reversal as of now.
16. There was a huge rally last week in the markets.
17. So traders  would like to book profits during coming weekend.
18. There ain't any signs of reversal yet.
19. Momentum is still Bullish.
20. Intact such corrections take the weak hands out.
21. This makes the markets even more healthy 
22. Nifty might trade between 19200 to 19500 today.


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