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Correction or Trend Reversal? (11th July 2024)


1. U.S Markets closed higher yesterday. 
2. All the indices closed higher.
3. U.S Futures are flat right now.
4. Gift Nifty is higher by 40+ Points.
5. Asian Markets are higher.
6. Yesterday was a high volatile day.
7. In Last 2 weeks , there was a first significant correction yesterday. 
8. Correction wasn't only in Major indices , but also in Mid & Small caps.
9. We are about to face a big event which is the Budget.
10. This event has the chance to move markets by 5-7% either ways.
11. There has been rumours floating around that Capital gains tax might be tinkered.
12. I think if Govt wants to Curb F&O trading , they might increase STCG.
13. LTCG at max they might not give the 1L exemption limit.
14. Seeing the current situation, Coilition Govt, higher revenues generated from tax etc these seem less likely.
15. Larger range for Nifty is 24150 to 24500.
16. Nifty took support exactly near 24150 yesterday. 
17. Markets are expected to consolidate within a range.
18. Bank Nifty range is 52k to 53k.
19. It's better to be a bit cautious before entering a big event like Budget.
20. Nifty might trade between 24200 to 24500 today.

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