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Bank Nifty to support Nifty?? (7th Feb 2024)




1. U.S Markets closed mixed.
2. U.S Markets are trading at their all time highs.
3. S&P 500 is now close to 5k.
4. Dow Jones is trading at record highs.
5. We are also close to all time highs.
6. Nifty is just a couple of 100 points away from 22126.
7. This is the level from where markets have reversed a couple of times.
8. Today we might again test this level.
9. Nifty is moving within a band of 500 points.
10. The range is 21700 to 22200.
11. Within this range it's trading with some Volatility. 
12. Yesterday the U.S VIX was down 4%.
13. Expecting India VIX to reduce as well 
14. The major issue because of which we are unable to cross all time highs is Bank Nifty.
15. Bank Nifty has been hugely underperforming since HDFC Bank results.
16. IT & other sectors are holding up Nifty but without Bank Nifty support,  Nifty cannot sustain its all time highs.
17. I expected SBI results to change the game for Bank Nifty. 
18. But SBI also came up with subpar results.
19. Underperformance of Bank Nifty seems to go on for a while now.
20. Nifty might trade between 21850 to 22150 today.

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