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Red Hot Inflation data makes Market Red (14th Feb 2024)


1. U.S Markets crashed yesterday. 
2. All the indices closed lower by more than a percent.
3. Dow at one point of time was down 700+ Points.
4. Last 30 minutes short covering rally made the picture look a bit better.
5. Asian markets are all lower.
6. Inflation data was expected at 2.9% but it had come at 3.1%
7. Inflation data higher than expected delays Fed rate cut.
8. Hence there was a Red paint all over markets.
9. U.S Markets have rallied expecting positive outcome.
10. Since there was a bad number the optimism is setlling.
11. Next,  I would like to bring to table that Mid & Small cap stocks are looking very vulnerable for a correction.
12. Actually we had a 7-8% correction from the top on mid & Small caps so markets are already a bit lighter.
13. This correction was highly anticipated because the markets were getting heated up.
14. Markets rallying in a straight line is also dangerous.
15. Markets going 2 steps up and 1 step down is the ideal Bull Market scenario.
16. This way the Bull Market succeeds over longer term. 
17. Volatility was increased tremendously now.
18. Within minutes there has been half a percent move in the indices.
19. 21580 is the support for nifty.
20. Next strongest support is 21500.
21. I sense today's reaction was a knee jerk reaction to numbers.
22. Markets are expected to bring sanity from today.
23. Nifty might trade between 21500 to 21800 today.

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