NIFTY’s Steepest Fall of 2024
“NIFTY experienced its steepest weekly decline in percentage terms for the entire year of 2024 on a close-to-close basis. While the market did fall on June 4th, the weekly close for that week was actually positive. This week proved quite damaging to the overall market structure. Technically, on Friday, NIFTY achieved something it had managed to avoid throughout 2024.”
“NIFTY’s weekly chart revealed a multi-pattern breakdown, closing below 25100 on Friday. This significant decline mirrors a similar event in October 2023 but differs from the pullbacks seen in August and May.”
The NIFTY is expected to encounter strong support near 24,750 in the coming week.on TIME front Market dynamics suggest a heightened risk of a global downturn until October 21st. This trend is rooted in historical patterns.
For short term October 8th marks a critical juncture. Intraday lows on that day could serve as a barometer for potential market volatility. A sustained break below this level may exacerbate selling pressure.
Conversely, a failure to breach the October 8th low could offer temporary respite from market declines.”
“Global markets remain relatively stable, but our analysis indicates that this calm may be short-lived.
Specifically, U.S. indices are approaching a significant time-based resistance point around October 8th, which could potentially trigger a reversal. Since October 1st, U.S. markets have been poised for a downturn, but for various reasons, this reversal has been delayed. However, a change in direction seems imminent. Last week, I highlighted the 5,776-5,866 range on the S&P 500 as a strong resistance zone. More precisely, the 5,810 level represents a 45-degree angle resistance line from the August 5th low of 5,119. Therefore, from a geometric perspective, the index is nearing a critical resistance point. However, time may be a more significant factor than price. Several cycles are converging over the next three weeks, so it’s essential to be prepared for potential market volatility.”
gann,insides 