Cycle Date Brings Potential Respite for NIFTY

As I predicted in my Sunday post, NIFTY is taking a temporary pause today, October 8th, a significant cycle date. If the market can hold today’s intraday low at the close, it could provide a brief respite from the severe sell-off that began on September 30th. From a technical standpoint, 24,660 serves as a critical support level. A breach below this mark, accompanied by a daily close below today’s low, would significantly diminish the prospects for a meaningful near-term pullback. However, if the market can sustain above 24,660, a decent pullback is likely to occur.