“NIFTY has performed exactly as anticipated, as I’ve outlined in my last two blog posts.”
“As I expounded upon on the fourteenth of November”
https://ganninsides.com/2024/11/14/nifty-50-technical-analysis-and-trading-outlook/
“And as I further expounded upon on the twenty-first of November”
https://ganninsides.com/2024/11/21/nifty-23000-a-critical-support-level-as-sp-500-cools-down/
“I previously indicated that November would be different from October. In October, we experienced a straight decline without a meaningful bounce. However, it wasn’t wise to expect an exact repeat in November. This market badly needed a decent bounce, and we finally got it at the right time.”
The 23,000 support level proved to be a formidable fortress, repelling bearish forces. The Nifty index, seizing the opportunity, soared to 23,700 and ultimately conquered our 24,100 target. Given this intense market action, a breather seems likely in the short term.”
Time Cycles and Future Outlook:
If the NIFTY index can maintain its position above 24,100, it could potentially rise to 24,400 and 24,600 in the short term. However, I believe this is only a temporary upward movement against the current downward trend. I don’t anticipate a major trend reversal based on my analysis. Instead, I expect another significant sell-off to occur after this brief respite. It’s important to remember that market trends don’t change overnight. We should let the market unfold naturally.”
The near-term cycle date is approaching on November 29th, and a more significant time cycle date is due on December 9th. These dates will be crucial in determining the market’s future direction.”
Stay tuned for further updates and analysis as we navigate these important time cycles.”
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