Nifty 50 Near-Term Forecast

Nov 6

Current Price and Resistance:

• The Nifty 50 index is currently trading around 24,492.
  
• There's a notable resistance level around 25,065, where previous price action struggled to move higher. This level acts as a potential cap for upward movement.
  

Support Levels:

• A significant support line is marked around 23,996, below the current trading level.
  
• If the price breaches this level, it could suggest a further downside, with a possible drop toward lower support zones.
  

Projected Downtrend:

• The orange line indicates a possible downward movement from the current levels if resistance at 25,065 holds.
  
• This downtrend projection suggests that the Nifty 50 could move lower, potentially testing the support near 23,996.
  
• If the index falls below this support, the next projected move takes it further down toward the 22,000 level, indicating a deeper correction.
  

Possible Reversal:

• After reaching a lower level near 22,000, there’s a projected rebound shown with an upward arrow.
  
• This suggests a potential reversal or bounce-back from these lower levels, which could present a buying opportunity.