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- U.S Markets closed lower yesterday.
- After a big gap up after Inflation numbers there was a heavy profit booking seen.
- But right now Dow futures are higher.
- Asian markets are higher.
- SGX Nifty is up 30-40 Points.
- Yesterday U.S Inflation was expected at 8.4%
- It came in at 8.5%.
- So it was mostly as per expectations.
- I think this Interest rate hike fear has been taken was too much negatively.
- 2003-07 India had the biggest Bull market with huge rate hikes.
- Plus inflation seems to be topping out soon.
- As and when it tops out and starts going lower we could witnesss another significant rally.
- That's for future but right now I sense Nifty could fall back to 17600-17800 sort of a range.
- Bank Nifty is much stronger than Nifty.
- It's within 37500-38000 range band since long time.
- Breaking out of 38000 will provide further steam to it.
- Bank Nifty gaining strength could also edge nifty higher.
- Today it the last Market day of the week.
- And we have a long weekend coming up.
- Carry your positions wisely.
- Yesterday even when Nifty was down 200 points India VIX kept falling.
- This shows limited downside left.
- Nifty might Trade between 17500-17700 today.
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