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Consolidation !! (9th July 2024)



1. U.S Markets closed mixed yesterday. 
2. Dow Jones closed lower whereas S&P 500 and Nasdaq closed higher.
3. U.S Futures are higher right now.
4. Gift Nifty is flat.
5. Asian Markets are higher.
6. Yesterday was a consolidation day for the markets. 
7. Nifty was consolidating without a 100 point range throughout the day.
8. Bank Nifty was highly Volatile. 
9. Bank Nifty was moving 200 points within a span of 5 Minutes.
10. Banking stocks were under pressure Yesterday. 
11. This was majorly due to poor guidance by HDFC Bank.
12. India VIX was up 7% Yesterday. 
13. VIX going up in a Consolidation market is rare.
14. This might be due to the announcement of Budget on 23rd July.
15. Right now the market situation can be described in this way.
16. Liquidity would not let you fall and earnings cannot let your rise.
17. Do not expect any major moves until the Budget gets announced.
18. Budget would decide the next move on the markets.
19. Nifty might trade between 24150 to 24400 today.

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