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Earnings Reaction? (12th July 2024)


1. U.S Markets closed lower yesterday. 
2. Dow Jones closed slightly higher , S&P 500 & Nasdaq however cracked.
3. U.S Futures are higher right now.
4. Gift Nifty is higher by 40+ Points.
5. Asian Markets are higher.
6. Yesterday was a ranging expiry.
7. There has been a good consolidation in the past 1 week.
8. Good Consolidation was actually the need of the hour for markers.
9. This was because in the Month of June , we had rallied a lot.
10. There has been some correction in few stocks,  few stocks have witnessed 52 week highs.
11. There is clearly distribution across stocks.
12. Few mid & Small caps are quoting at unrealistic valuations.
13. There are also pockets of opportunities if scrutinized well.
14. Overall it's a good proper market with the froth being lowered a bit.
15. Majority of the froth still exists in the market.
16. My expectation is that before the budget we might correct 3-5% on major indices & Post budget we might recover
17. 2nd alternative is before the budget we rally on the back of expectations from the Budget.
18. Once budget is out we will witness significant correction if those expectations are not met.
19. It's a reverse trade opportunity closer to budget.
20. Nifty might trade between 24200 to 24500 today.

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