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Pre - Market Analysis (31st July 2023)

1. U.S Markets closed higher on Friday.
2. All the indices closed in Green.
3. Gift Nifty is up 40-50 Points.
4. Asian markets are mostly higher as well.
5. On Friday,  Nifty stayed negative throughout the day.
6. It was hovering around 19600 for most of the day.
7. In the last hour Nifty started to recover a bit.
8. Both Nifty and Bank Nifty witnessed some sort of pullback in the final hour.
9. The same happened on Thursday as well.
10. There was huge short covering during the last 30 minutes on Thursday as well.
11. Friday as well there was a short covering rally but not as big as that of Thursday. 
12. Nifty has taken multiple supports near 19600 now.
13. Bank Nifty has taken multiple supports near the levels of 45300.
14. Fridays low will be a very important support for both the indices.
15. Although the Index was in pressure but on the other hand both Mid & Small caps scaled higher.
16. Advance - Decline ratio was in favor of advances.
17. This shows that there is still positive momentum in markets.
18. Reliance looks super strong and any Intraday dip on Reliance is a buying opportunity. 
19. Nifty might trade between 19600 to 19900 today

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