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Meltdown !! (29th Feb 2024)

1. U.S Markets closed lower yesterday.
2. Right now , Dow Futures are slightly lower.
3. Asian markets are down.
4. Gift Nifty is indicating a gap up opening of 30 points.
5. Yesterday there was a sudden sell off in the markets.
6. It was sudden & sharp at the same time.
7. Nifty opened around 22200 and then the sell off began.
8. Midcap and smallcap Index fell 2% each.
9. Advance - Decline ratio was the worst.
10. In front of 2 advances there were 8 declines yesterday. 
11. Today we have the monthly expiry and past says that monthly expiries are always highly Volatile.
12. Important support level is now at 21850 for today 
13. I sense that we could test this support level today.
14. Resistance level for today is at 22050.
15. Bank Nifty is also at crutial support of 46k.
16.  Don't expect much selling from here but if we hold the supports then we might see a big short covering.
17. All in all it's going to be highly Volatile & tricky day.
18. Do not sell options for intraday basis today.
19. On expiries , do not go with naked option selling.
20. Nifty might trade between 21850  & 22150 today. 


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