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Closing above 23k today?? (27th May 2024)



1. U.S Markets closed flat on Friday.
2. Right now , U.S Futures are slightly lower.
3. Markets are in a slight consolidation zone
4. Markets have run up quite a lot.
5. Consolidation is good for the Markets in long run.
6. This provides steam for the markets to go higher and forms a Base.
7. Friday the major indices closed well but Mid & Small caps underperformed.
8. The advance - Decline ratio was also in favour of the declines.
9. Bank Nifty looks quite strong compared to Nifty.
10. Hdfc Bank is up 3% in last 2 trading sessions.
11. Smart money has been shifting to banking stocks.
12. This is quite logical as well.
13. Nifty us already at all time high.
14. Bank Nifty all time high is 50k.
15. Bank Nifty is 3% away from all time highs.
16. So this is a prudent risk - reward set up trade.
17. India VIX was flat on Friday.
18. Expect a significant drop in India VIX post elections.
19. VIX might drop from here on too going into the Elections.
20. It's a buy on Dip Bullish market
21 Nifty might trade between 22850 to 23200

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