Nifty View 06-08-2024

Aug 6

NIFTY

Nifty has rebounded from 23,890 to 24,350, a gain of approximately 450 points.

However, upon applying the Fibonacci retracement from 25,078 to 23,893, we observe that the 0.38 Fibonacci level coincides with the 24,350 zone.

Notably, Nifty encountered selling pressure once again at this level.

The market is currently experiencing significant selling pressure and a general sense of weakness.

At present, there are two potential outcomes.

1.
If Nifty decisively close below the 23890 zone, we can anticipate a potential decline towards the 23200 level in the near future.

2.
In the event that the Nifty holds the 23890 zone and establishes a double bottom formation, there is a possibility of a market reversal or a range-bound movement between the 24400 and 23900 zones.

Always respect SL & position sizing

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Trade Secrets By Pratik
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Not SEBI REGISTERED
This is our personal view and this analysis
is only for educational purposes
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