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Breakout !! (29th May 2023)


1. U.S Markets closed higher on Friday.
2  Right now , Dow Futures are slightly higher.
3. SGX Nifty is up 160 points.
4. Asian Markets are higher.
5. Friday was a breakout day.
6. Nifty finally broke out of the huge resistance. 
7. All over the May month , there was stiff resistance at 18400 for nifty.
8. This level got taken out decisively on Friday,  and markets closed at the highest point of the day.
9. This shows extreme Bullishness in the markets currently.
10. While Bank Nifty is yet to break out of 44100 levels.
11. Today with this huge gap up Bank Nifty might straight away open above the resistance. 
12. India VIX currently is close to all time low.
13. Markets are inching higher on the expectations of debt ceiling issue being settled.
14. 18700 CE has the highest open interest among weekly options for nifty.
15. FII's have started buying aggressively for the Indian Equities.
16. This is a huge gap up if we open as per what SGX Nifty suggests.
17. IT Stocks are gathering momentum now.
18. Risk - reward purely doesn't favour chasing the huge gap up.
19. Wait for an Intraday dip to enter.
20. Nifty might trade between 18550 to 18700 today.

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