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Lack of Strength on the Upside (9th August 2023)


1. U.S Markets closed lower Yesterday.
2. All Indices closed in Red.
3. Last one hour U.S Markets recovered quite sharply.
4. At one point of time , U.S Markets were down more than a percent.
5. Reason is the Moodys downgrade for Banks.
6. Firstly it was FITCH , now it's Moodys
7. Markets in the Month of August have been quite Volatile.
8. Markets crashed all over the World in the August series as soon as FITCH downgraded the credit rating
9. The month of August started with heavy Bearishness.
10. Currently , as well markets have made a short term bottom at 19300 and recovered.
11. In spite of this , markets have been facing pressure on the upside.
12. Though the Mid & Small Cap stocks are in a huge bull market , Index doesn't look much tempting.
13. There is a weakness in both Nifty and Bank nifty 
14. Gift Nifty is also indicating a gap down of 30-40 points. 
15. Yesterday's high close to 19650 is a stiff resistance.
16. I would go long only when there's a closing above 19650.
17. Similarly , Bank Nifty is facing a stiff resistance near 45k - 45200 levels.
18. It's time to apply Caution on the higher side.
19. Markers looking very Jittery and unconvincing to go long.
20. There is also too much of news flow that's yet to come and that would create even more Uncertainty. 
21. Nifty might trade between 19400 to 19650 today.

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