Markets bouncing from Support (2nd July 2024)

1. U.S Markets closed higher Yesterday.

2. All the indices closed higher.

3. Gift Nifty is indicating a gap up of 40+ Points.

4. Asian Markets are higher.

5. We have consolidated on Friday.

6. Yesterday , Nifty tested 24k and then bounced back sharply.

7. Dow Futures are lower right now.

8. 24k is a good support for Nifty for now.

9. The good thing about Yesterday's rally was it was a broad based rally.

10. Mid and small caps too participated in the rally.

11. Advance - Decline ratio was very much in favour of advances.

12. Unlike in June last week where mid and small caps weren't participating.

13. Largecaps of Nifty were going higher.

14. The only concern right now is Nifty has rallied one way from the Election lows of 21300

15. There has not been any correction in between.

16. Yes we have had some consolidation but no meaningful correction.

17. Also the thing is in trading do not apply brains and just follow market.

18. Follow the trend unless we find signs of reversal.

19. Trend is clearly Bullish right now.

20. Nifty might trade between 24000 to 24300 today.

21. stockmarketadvisory.in

Comments

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1. U.S Markets closed lower on Friday. 2. All the indices closed lower. 3. Right now , Dow Futures are lower. 4. Asian Markets are all lower. 5. All the Global Markets are Negative today. 6. From Thursday to Monday Morning , U.S Markets have crashed more than 6%. 7. This is a terrible & an Alarming fall. 8. U.S VIX jumped another more than 20% on Friday. 9. This is the fearful data point. 10. Reason for all this is because of Geopolitical conflicts. 11. Iran - Israel tensions. 12. Japan currency depreciation etc. 13. All this is leading to a flash crash in the Markets. 14. 24500-24400 is a crutial support for nifty. 15. We are likely to open closer to these levels as per Gift Nifty. 16. First hour is the key today. 17. If we do not break the first hour low throughout the day then we might expect a reversal. 18. A further correction may be expected if the first hour low gets taken out. 19. Nifty might trade between 24300 to 24700 today. 20. stockmarketadvisory.in

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