“NIFTY’s rally has paused. The 24,200-24,400 support is crucial. A potential correction may be on the horizon.”
NIFTY’s Predicted Surge: A Timely Bounce
I’ve been bullish on NIFTY since mid-November. I highlighted the 23,000 level as a critical 45-degree angle support, akin to a sturdy bulwark, which I anticipated would hold on the first attempt. As expected, the index respected this level and rebounded.”
https://ganninsides.com/2024/12/03/niftys-double-edged-sword-a-risky-play-for-traders/
On December 3rd, I predicted that this rebound was nearing its peak and that future price action would be more influenced by support levels than resistance. This cautious approach remains valid for next few days as well.”
On PRICE FRONT.”
Due to the recent rally, NIFTY’s support zone has shifted higher to the 24,200-24,400 range. As long as the index continues to hold above this support, the anticipated reversal may take some time to materialize.”
“It appears the Nifty’s recent rally may have peaked on December 5th. While this is a strong possibility, we need further confirmation before drawing definitive conclusions.”
On TIME FRONT.”
“As I previously discussed, December 9th is a very important time cycle date. The intraday low of the 9th would be considered a key pivot of reference for confirming a potential reversal.”
December 6th also held some significance as a minor time cycle date. A sustained move below the intraday low on December 6th would signal a bearish turn for the overall market.”
“Holding these key time cycle pivots suggests a positive trend outlook for near term.”
I’m still awaiting confirmation of a market reversal, both in terms of price and time. Once this confirmation is received, we could potentially witness one of the most significant market sell-offs in the past three years.”
A Timely Reminder: Risk Management in Volatile Markets
“Given the potential for a significant market correction, now may be an opportune time to reassess your portfolio and consider risk management strategies. Stay informed, stay disciplined, and adapt to changing market conditions. Let’s navigate this journey together.”
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