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Reversal !! (10th August 2023)


1. U.S Markets closed lower Yesterday.
2. All Indices closed in Red.
3. Last one hour U.S Markets fell sharply.
4. Right now Dow Futures are higher.
5. Gift Nifty is trading flat.
6. Yesterday was a perfect reversal day.
7. Nifty opened mildly lower and as soon as it opened it started to Crack.
8. First half Nifty was mostly lower and was hovering near 19500 thereabouts.
9. In spite of all global markets in Green , Nifty kept trading in red.
10. Bank Nifty underperformed significantly. 
11. When Nifty was down by half a percent , Bank Nifty was down by more than a percent.
12. As I mentioned Bank Nifty range of 44500 to 45000 in my previous Blog.
13. Bank Nifty reversed exactly from 44550 levels.
14. Nifty reversed from 19500 and there was a huge short covering rally.
15. Today we have RBI Policy and expectation is status Quo.
16. Status Quo in precise means no change in rates.
17.  If RBI increases rates then it would be negative for markets 
18. If they decrease rates then it would be Positive for the markets 
19. Expecting markets to be under some pressure till RBI event and then we move on from there.
20. Nifty closing above 19600 is a Bullish Sign.
21. I'm not that Bullish as this August is expected to be a sideways month and we already have signs of it 
22. Nifty might trade between 19450 to 19750 today.

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