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IT Stocks Crash !! (4th Jan 2024)



1. U.S Markets were lower Yesterday. 
2. Right now , Dow Futures are higher.
3. Asian markets are down.
4. Gift Nifty is indicating a gap up of 20-30 Points.
5. GIFT Nifty is difficult to understand and strange sometimes.
6. Yesterday even though  Global markers were down it is indicating a positive opening.
7. Also one more thing is Gift Nifty doesn't guarantee exact opening.
8. We may open different as well.
9. U.S VIX was up 6% Yesterday 
10. India VIX was down yesterday. 
11. India VIX was down 3% Yesterday and option premiums have come off massively.
12. After a small gap up opening there would be an immediate sell off and Nifty would test 21500.
13. If 21500 gets broken , then we are heading even lower.
14. If 21500 does not break , then we may expect a short covering bounce.
15. There is huge Call writing in options as markets traded lower for whole of this week.
16. So the important level to watch out for today is 21500.
17. Yesterday advance decline was in favour of advances.
18. Bank Nifty took support near 47500 and reversed 
19. The market wasn't as bad as Nifty showed yesterday.
20. Only because of IT Nifty was under so much pressure yesterday. 
21. Nifty might trade between 21400 to 21700 today.

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