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IT Index Crash (18th April 2023)

1. U.S Markets closed lower yesterday. 
2. Nasdaq was the laggard yesterday. 
3. IT Stocks all over the World have been experiencing the pain due to Slowdown in the Economy. 
4. Right now , U.S Futures are trading mixed.
5. Asian markets are mixed.
6. SGX Nifty is indicating a gap down of 40-50 points.
7. I had mentioned on whatsapp that I'm expecting a retest of 17700 -17650 soon.
8. The same has happened yesterday but I don't think market would go higher in a hurry.
9. Results season has been kicked off on a poor note.
10. IT Index was down more than 6% yesterday. 
11. Most of the pain coming from Infosys.
12. As most of the companies have business outside India mostly in the U.S
13. Recession fears have hit them hard.
14. This is a temporary phenomenon which could go on for another Quarter.
15. Quality businesses when experiencing Macro pain are an excellent opportunity to accumulate over long run.
16. Financial stocks are the outperformers. 
17. Bank Nifty has been outperforming nifty on a consistent basis now.
18. The view is of Consolidation as of now.
19. Range of the same being 17600 to 17800.
20. Nifty might trade between 17600 to 17800 today.

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