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Consolidation to Continue? (12th Jun 2024)


1. U.S Markets closed mixed yesterday.
2. S&P 500 closed flat,  dow closed slightly lower.
3. Nasdaq closed higher.
4. Right now , Dow futures are flat.
5. Gift Nifty is indicating a gap down of 50 points.
6. Yesterday,  the India VIX crashed 8-9%.
7. Now the VIX is in a comfortable zone below 15.
8. VIX below 15 indicates sustained bull Market.
9. From the past 2 days , Nifty is trading above 23300 until 2.30 PM
10. In the final hour , there is a sell off.
11. On the Index level there is consolidation. 
12. Stocks level , midcaps and small caps are outperforming. 
13. 23200 to 23400 is the range for Nifty currently.
14. Last 2 days this has been the trading range.
15. Bank Nifty also is in a consolidation zone.
16. All eyes now would be on the Union Budget.
17. The policies,  the framework that this Govt will bring will be a key to watch.
18. Until then there isn't any major event that can have big impact on the markets.
19. Nifty might trade between 23150 to 23450 today.

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