The recent market movement in NIFTY has been intriguing, with a potential pause on the horizon. While the index has met the criteria for a minimum pullback, a target of 24400 still seems achievable.
Key Points:
“Yesterday’s high isn’t necessarily the peak of this rally. The real test lies in whether the current support levels hold. For Nifty, the crucial support zone ranges from 23,750 to 23,950 on the spot index. As long as this zone remains intact, we can expect further upward momentum in the near term. However, a breach below 23,750 could signal a potential reversal.”
From a time perspective, as previously discussed, November 29th is a key date, followed by a very strong and significant time cycle on December 9th.”
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