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Money Shifting to Largecaps? (27th Sep 2024)


1. U.S Markets closed higher Yestersay. 
2. All the indices closed higher.
3. Right now , Dow futures are flat.
4. U.S VIX was down 1% yesterday. 
5. It was a good day with some positive bias in U.S Markets.
6. Asian Markets are mostly mixed right now.
7. Gift Nifty is indicating a flat opening.
8. Yesterday was a very stable expiry.
9. Nifty didn't even touch 26k throughout the day yesterday. 
10. It was trading above 26k for whole of the day and there was a big rally in the final hour.
11. This was due to short covering as traders couldn't believe the ferocious rally in Nifty.
12. Another interesting stuff to notice here is the distribution going on in Mid & Small cap stocks.
13. Smart money has now been shifting from mid and small cap stocks where the valuation comfort is less and now finding comfort in large cap stocks.
14. Many Mutual funds are also sitting on a large cash pile in their mid and small cap funds.
15. Finally the much awaited correction is likely to happen.
16. I expect a correction of 8-10% at index level over next 3-4 months or a price wise consolidation of 6 months.
17. Both of the above would make the market healthy for longer term perspective.
18. 26k is a good support now for the Nifty.
19. We might consolidate between 26000-26200 for a while now 
20. Usually Fridays are trending days but I expect today to be a flattish kinda day.
21. Its a buy on Dip market at the Index level.
22. Nifty might trade between 26000 to 26300 today


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