Nifty 50-October 2024 view
Updated
I feel it is time to be little cautious.
Post 4th June(the election results day), we have seen a good rally in market from 21300 to 26250 today which is almost 25% and that too without a significant pull back or correction.
The rally since past couple of weeks is mainly due to large caps.
There is no reason to be extremely bearish but as per fib retracement, we are near golden ratio of 61.8%.
We might see a pullback or consolidation here before next move towards 27000+ levels.
Important levels to look at is 26000 below which we should expect 25800, 25500 and 25350.
Midsmall caps might see a bigger pullback than Nifty hence follow risk management in your swing positions. Nifty metal is looking quite bullish and is sector to keep in watchlist.
Please note that I am not expecting a crash or big correction and hence please don't overreact and do panic selling.
Post 4th June(the election results day), we have seen a good rally in market from 21300 to 26250 today which is almost 25% and that too without a significant pull back or correction.
The rally since past couple of weeks is mainly due to large caps.
There is no reason to be extremely bearish but as per fib retracement, we are near golden ratio of 61.8%.
We might see a pullback or consolidation here before next move towards 27000+ levels.
Important levels to look at is 26000 below which we should expect 25800, 25500 and 25350.
Midsmall caps might see a bigger pullback than Nifty hence follow risk management in your swing positions. Nifty metal is looking quite bullish and is sector to keep in watchlist.
Please note that I am not expecting a crash or big correction and hence please don't overreact and do panic selling.
Note
Nifty has breached 26000 for now. 25800-25850 will be a major support.
Above 26250, 26400 is a crucial resistance to watch out for!
Note
T1 done on downside. 25810 low. We might see explosive buying coming above 25850.Trade closed: target reached
All 3 targets done on downside.
Nifty might consolidate near 25350 before further move.
Note
As i had said, it was time to be cautious. Nifty is looking weak. If 25000 breaks, we might see a 24750-2480 will act as a strong support
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