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Rangebound Markets !! (8th Jan 2024)



1. U.S Markets closed higher on Friday.
2. Right now , Dow Futures are lower.
3. Asian markets are lower.
4. Nasdaq has been the underperformer from last 5 trading sessions.
5. In last 5 trading sessions Nasdaq is down by 3-4%.
6. Gift Nifty is indicating a small gap down opening.
7. Nifty has taken support from 21500 and recovered on expiry day.
8. It tried to cross 21800 but couldn't gather momentum.
9. So the range for nifty is 21500 to 21800.
10. Buying emerges close to lower end of the range which is 21500.
11. Selling pressure starts close to 21800.
12. 2023 was a great year for mid & Small caps and also for Nifty.
13. Nifty rallied 20% in 2023.
14. Expect 2024 to be a Year of Consolidation.
15. U.S VIX crashed 5% on Friday.
16. India VIX is already below 13.
17. Option premiums have collapsed during last 5 trading sessions.
18. Option sellers shouldn't get overconfident and shift to very close premiums now itself.
19. One big move or rise in VIX could wash away all the gains made.
20. Nifty might trade between 21500 to 21800 today.

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