“Picking up where we left off on November 14th, let’s revisit the NIFTY and its current outlook.”
https://ganninsides.com/2024/11/14/nifty-50-technical-analysis-and-trading-outlook/
On NIFTY, I still maintain the view I shared on November 14th. As mentioned earlier, the possibility of a decent bounce holding around 23,000 continues to persist.”
The rally from Monday’s low and the decline from Tuesday’s high have had no impact on our overall view. Our critical support marker remains firm at 23,000 on the spot market. As noted earlier, 23,700 on the upside is a very important level.”
A sustained trade above 23,700 would make the structure more stable, potentially helping the index rally towards 24,100 and even 24,400 in the coming days. Let’s see if our view of a potential bounce is correct. If so, we should also be able to predict a resumption of another severe sell-off after the anticipated bounce.”
For now, let’s closely observe market behavior until next Monday. Only a sustained trade below 23,000 would force me to change my view.”
Let’s dive into the US market!
https://ganninsides.com/2024/11/06/nifty-recovers-us-markets-post-election-outlook/
S&P: From Election Euphoria to Reality
“On S&P, as I mentioned on November 6th, once the election euphoria settles down and the FOMC meeting is out of the way, I expect S&P to turn lower. I also pointed out two very critical time cycle dates, which were November 11th and 14th. As we all know, S&P reached its peak on November 11th, and since then, the index has been trending lower.”
For short term
“The 5840 level is a crucial short-term support. Holding this level could keep the trend flat. However, a breach would likely reinforce our bearish outlook. Cross-asset indicators, including the dollar and 10-year yields, strongly suggest a downward trajectory for the S&P. Let’s watch closely.”
On the time front, the next major cycle date is due on December 6th.”
For medium term On the price front, the S&P still has to fill its election results day gap, which occurred on November 6th, to complete the topping process. That gap fills at 5780 on cash. Let’s see once that fills; a move towards 5660-5680 should be on the cards.”
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