Nifty’s established support range between 23,800 and 24,000 on a spot closing basis remains a critical level to monitor. While the index appears to be nearing a significant high around 24,400, anticipating a reversal before this support zone is breached may be premature. A close below 24,000 would certainly suggest bearish momentum, yet waiting for additional confirming signals is prudent before definitively calling for a trend reversal.”
Simultaneously, keep a close watch on Nifty Bank. Should it revisit and close the gap created on Monday, it could strongly indicate an impending major reversal – a scenario I’ve been anticipating. This potential shift would gain further credence if key banking stocks witness specific declines in their cash prices: HDFC Bank falling below 1,875, ICICI Bank dropping beneath 1,360, and State Bank of India trading below 760. Tomorrow’s trading session promises to offer valuable insights into these developing scenarios.”
While the allure of predicting a market reversal at a potential high is strong, the current technical setup advises prudence. Prematurely calling for a trend change before the established support zone is violated carries the risk of being caught on the wrong side of a continuing uptrend. The adage “the trend is your friend until it bends” remains a valuable guide in such situations.”
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