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Small Cap Index down 10% from ATH (13th March 2024)



1. U.S Markets closed higher Yesterday.
2. Right now , Dow Futures are higher
3. Asian markets are higher.
4. Gift Nifty is indicating a 50 point gap up opening.
5. Markets have been highly contradictory in March month.
6. If you look at index level there is not much significant movement.
7. On the Contrary , the broader market has been very very bad.
8. The Mid & Small cap & the SME sector has been witnessing deep cuts.
9. This is actually good for the markets in long run
10. Many stocks with no fundamentals had become 4-5x in a short span.
11. Correction was due & it was on the cards.
12. We might expect some temporary bounce in small cap index as it has already fallen 10% from peak.
13. Remember the stocks which have fallen 30-40% in this correction are the ones who don't have solid fundamentals.
14. They were up just because the tide was flowing their way.
15. Quality Mid & Small caps are down 10-15% but they would be the first to recover when everything turns normal.
16. HDFC Bank and Quality largecaps are now starting to perform.
17. There has been a money shift into these stocks 
18. There might be some more pain in broader markets in coming time and I don't see a bottom yet.
19. This is a high volatile trading market as there has been churn happening.
20. Nifty might trade between 22250 to 22550 today.

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