“Tomorrow is shaping up to be a crucial day, particularly for the banking sector. As predicted in my Sunday post, the 28th of October marked a significant turning point for the Nifty index. If the index holds above yesterday’s intraday low, we may see a period of consolidation. However, a decisive break below this level could significantly accelerate the decline.”

NIFTY Bank is a pivotal index for the near future.

To propel NIFTY towards 23,900, NIFTY Bank must provide substantial support. Private sector banks have exhibited resilience during recent market downturns. This stability is likely to persist as long as NIFTY Bank remains above 50,900. A breach of 50,900 could trigger a sharp decline, potentially targeting 49,600 and 48,500 in the coming days.

ICICI Bank’s upcoming results will be closely watched. The stock has met our selling criteria, so its performance will be a key indicator. While there are no immediate time cycle dates for the index, several private banks have significant cycle dates on October 30th, which could influence the overall market.

https://ganninsides.com/2024/10/18/nifty-breaks-support-bearish-trend-resumes/

“NIFTY successfully achieved its primary target of 24,350 today, as anticipated in my October 18th forecast. Consistent with our predictions, market volatility has intensified this week. Last Friday, I identified the 24,900-25,100 range as a strong resistance barrier. NIFTY’s attempt to breach this zone on Monday resulted in a sharp price reversal. “If the index remains below 24,800, it may continue to decline toward its next target of 23,900.”

NIFTY’s breach of the critical support levels at 24,750-24,660 has signaled a renewed downward trend. Despite this downturn occurring amidst an incomplete retracement, we can anticipate a somewhat bumpy road ahead. Therefore, I recommend selling on rallies towards the 24,900-25,100 resistance zone. Potential targets for this bearish move include 24,350 and 23,900 in the coming days. Additionally, we expect volatility to increase significantly starting next week.

NIFTY is still consolidating, and this consolidation has been happening with a positive bias. I expect NIFTY to continue this way for a few more days. If something goes wrong, it will likely be from the IT sector. Still holding 24,750 and 24,660 on spot. This pullback should continue towards 25,300-25,400 before turning lower. A turn is due in any case, but a turn after some more pullback would be more ideal.

As I predicted in my Sunday post, NIFTY is taking a temporary pause today, October 8th, a significant cycle date. If the market can hold today’s intraday low at the close, it could provide a brief respite from the severe sell-off that began on September 30th. From a technical standpoint, 24,660 serves as a critical support level. A breach below this mark, accompanied by a daily close below today’s low, would significantly diminish the prospects for a meaningful near-term pullback. However, if the market can sustain above 24,660, a decent pullback is likely to occur.

“There are three significant warning signs for Indian markets: 1 India’s market liquidation has begun. 2 Recent market declines have occurred despite lower volatility. 3 Global markets have not yet started their decline. I have adjusted my targets downward, and these changes have been communicated to subscribers.”