Nifty Finds Footing, But U.S. Market Challenges Loom

It was a relatively quiet week for Indian markets, which was not unexpected. As I predicted in my last Sunday’s post, the Nifty stabilized from October 8th. True to our expectations, the market did indeed stabilize from October 8th. This has created a temporary support level for the Nifty at Monday’s low of 24,694. As long as this support holds, we should see a rebound towards 25,400 in the coming days. Once this pullback is complete, I anticipate the downtrend to resume, potentially targeting lower levels around 24,400 and even 23,800 in the near future. “If NIFTY fails to retrace and falls below 24,694, near-term prospects could become more challenging. While my primary focus is on U.S. market developments, I anticipate a significant decline in NIFTY over the next few months.”

On TIME FRONT for INDIAN MARKETS I “Predict a significant shift in market trends between October 21st and 28th. Investors should be prepared for potential volatility during this period.”

US Market on the Brink: Technical Analysis Predicts Sharp Decline

https://ganninsides.com/2024/10/06/countdown-to-market-volatility/

Tick-Tock: Countdown to Market Collapse Begins

“Given our previous discussion, a market reversal in U.S. indices is imminent, with a heightened risk period extending through October 21st. Key dates to watch are October 14th for the Dow Jones Industrial Average and October 16th for the S&P 500, both of which align with significant cycle points. While the recent market activity may appear subdued, underlying developments are poised to trigger substantial shifts in the broader market landscape.”

On the price front, S&P tested the 45-degree angle resistance at 5810 on Friday. As discussed in last Sunday’s post, this level of 5810 was calculated from the intraday low of August 5th. Along with 5810, I have been highlighting the range of 5776-5866 on S&P as a very important resistance zone. Based on this analysis, I had already advised some of my U.S. clients to consider adding shorts on December futures contracts at 5810.

“I’m anticipating a potential sharp trend reversal in the U.S. markets starting next week, possibly around the 14th or 16th of October. It should be an interesting week to watch.”