Nifty view as on 30the September 2024
Good morning everyone!
30th September 2024, Monday.
The market can remain irrational longer than you can stay rational. Said this earlier, saying it again.
So, do not try to predict the market. You will never be able to do it perfectly. And one doesn't need to predict the market to earn. In fact, those who do not predict often earn more.
Remember one thing very clearly, I also say this to my students - "The market is a game of probability, not predictability." One who understands this, earns effortlessly.
Coming back to the market:
NIFTY did give a good closing on the weekly chart. Though on the daily chart, it has formed a doji-like green candle, which indicates buyers are strong, but still, a little correction has to come. The market needs liquidity.
So now the support is at 26000 for the day, being the highest OI level on the options chart. Also, a price action-based support on the daily chart.
Below this, we may see 25800 testing very soon.
On the upside, 26333 would be the resistance. After this, a target of 26444 is there. Remember I said the 28000 level is now activated? It still is.
Shorting is not advised at this time when the market is in a strong bull run. A little cool-off on the price and momentum chart cannot be considered as a crash or correction. This may just be long unwinding or profit booking for the recent quarter.
Pharma, Oil & Gas, and Sugar sectors are looking strong for the October series.
BANKNIFTY support is at 53355. Resistance at 54375. It has formed an inverted hammer on the weekly chart, suggesting a little dip toward the recent breakout retest level, which might give us all a good buying opportunity if it bounces back from there.
CNXFINANCE has minor support at 24676, and resistance lies at 24873. The view is similar to Banknifty.
That will be all for the day. Have a profitable day ahead.
#Trendx #Trading #Stockmarketindia
30th September 2024, Monday.
The market can remain irrational longer than you can stay rational. Said this earlier, saying it again.
So, do not try to predict the market. You will never be able to do it perfectly. And one doesn't need to predict the market to earn. In fact, those who do not predict often earn more.
Remember one thing very clearly, I also say this to my students - "The market is a game of probability, not predictability." One who understands this, earns effortlessly.
Coming back to the market:
NIFTY did give a good closing on the weekly chart. Though on the daily chart, it has formed a doji-like green candle, which indicates buyers are strong, but still, a little correction has to come. The market needs liquidity.So now the support is at 26000 for the day, being the highest OI level on the options chart. Also, a price action-based support on the daily chart.
Below this, we may see 25800 testing very soon.
On the upside, 26333 would be the resistance. After this, a target of 26444 is there. Remember I said the 28000 level is now activated? It still is.
Shorting is not advised at this time when the market is in a strong bull run. A little cool-off on the price and momentum chart cannot be considered as a crash or correction. This may just be long unwinding or profit booking for the recent quarter.
Pharma, Oil & Gas, and Sugar sectors are looking strong for the October series.
BANKNIFTY support is at 53355. Resistance at 54375. It has formed an inverted hammer on the weekly chart, suggesting a little dip toward the recent breakout retest level, which might give us all a good buying opportunity if it bounces back from there.CNXFINANCE has minor support at 24676, and resistance lies at 24873. The view is similar to Banknifty.That will be all for the day. Have a profitable day ahead.
#Trendx #Trading #Stockmarketindia
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