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Consolidation!! (27th March 2024)


1. U.S Markets closed lower yesterday.
2. Right now , Dow futures are mixed.
3. Gift Nifty is indicating a minor gap down opening.
4. Markets have taken support from 21700 levels.
5. Markets are not going above 22450.
6. This 21700 to 22450 is the larger range 
7. Current range is from 21800 to 22200 on Nifty.
8. In between all this , Nifty will keep consolidating.
9. Yesterday the advance decline ratio was also negative.
10. Bank Nifty and Nifty both are stuck in a range.
11. I guess all this Is due to the expiry effect.
12. Once monthly expiry is out of the way , we can expect a big move. 
13. Expecting this sharp move on the upside. 
14. Markets on Wednesdays generally are more Volatile. 
15. Bank Nifty expiry also has an effect on Nifty expiry.
16. Accentures poor guidance ain't helping IT Stocks and in turn Nifty. 
17. Accenture's poor guidance has led to a temporary blip on the IT sector.
18. Expect IT sector to remain weak until results.
19. Nifty might trade between 21950 to 22250 today.

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