NIFTY gets a lower low below 23,816, which is on very much expected lines. Yesterday’s close literally confirmed a fresh lower low. This fresh breakdown makes way for a test of the significant support zone of 23,500-23,600 on NIFTY spot going forward. The setup should get really interesting once NIFTY gets closer to 23,600.”
Despite the market’s weakness, a sharp, sustained downturn is unlikely. The current market conditions differ significantly from those in early October. Therefore, a nuanced approach is necessary to capitalize on potential opportunities.”
Now reed it very carefully.”
A rebound from the 23,500-23,600 support zone remains a plausible scenario. However, if this level is breached, the ultimate support lies at 23,000, a critical 45-degree angle support line from the September high of 26,277. Historically, such strong support levels often trigger significant price reactions.”
Stay tuned for further developments as the market navigates these crucial levels.”
gann,insides 