Nifty reached our projected target zone of 23500-23600, as discussed in yesterday’s post. As mentioned, the possibility of a significant rebound remains strong. On the downside, 23000 acts as strong support, a 45-degree trendline drawn from the September high. Typically, such strong support holds on the first attempt.”
Therefore, we anticipate a bounce as long as 23000 holds. In the near term, we no longer hold a bearish outlook, at least for the next few days.”
We’ll see. If Nifty starts to sustain below 23000, then next targets are much lower. However, for now, let’s not dwell on that bearish scenario. We are no longer interested in continuing with shorts.”
In fact, once Nifty starts to sustain above 23700, we would be looking for a rally towards 24100 and 24400 on the spot index during the next few days.”
Until early December, the Nifty 50 index is primarily driven by price action, as specific cycle dates aren’t indicated on the TIME front.”
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