Navigating the Market: Key Support Levels and Cycle Date

“NIFTY reached its target of 25,250 today. Given its strong price structure, we anticipated further upward momentum. As the market’s momentum continues, it’s advisable to ride the wave. As long as it persist. Following today’s move, NIFTY’s spot support has risen to 25,000. Therefore, 25,000 and the intraday low of August 28th are now crucial support levels. Holding above these levels will indicate continued market strength.” For INDIAN and GLOBAL MARKETS, September 2nd will be a crucial cycle date. Due to several major markets being closed on Monday, Tuesday will effectively be the cycle date for these markets. This date holds significant potential to trigger a notable near-term reversal across all risk assets. Let’s observe if this cycle date has reinforced the importance of the aforementioned support levels. As traders, we should remain patient and wait for supports to break before initiating reverse trades. As I’ve consistently emphasized, the months of September and October are likely to be highly volatile, so be prepared for such market conditions.