Nifty 50 IndexShort
NIFTY 50, October 26, 2023
Pre-market analysis: Bearish trend likely to continue
In line with yesterday's forecast, today's market maintained its bearish trajectory. The emergence of a shooting star candlestick pattern towards the end of the trading session on the 15-minute chart reinforces the bearish sentiment, suggesting a continuation of the downward trend or a potential sideways movement. A gap-up surprise is less likely.
Trading Strategy:
New support and resistance levels have been identified. It is advisable to enter positions only after a confirmed breakout or breakdown from these levels.
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In line with yesterday's forecast, today's market maintained its bearish trajectory. The emergence of a shooting star candlestick pattern towards the end of the trading session on the 15-minute chart reinforces the bearish sentiment, suggesting a continuation of the downward trend or a potential sideways movement. A gap-up surprise is less likely.
Trading Strategy:
New support and resistance levels have been identified. It is advisable to enter positions only after a confirmed breakout or breakdown from these levels.
Feedback Request:
Please like and comment if you found this pre-market analysis helpful. Your feedback is valuable in improving our future analysis.
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