NIFTY’s Lifeline: Why NIFTY Bank Matters Now

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.

Market Rollercoaster: NIFTY’s Next Move

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.”

TECHM Stock Outlook: Potential Reversal on the Horizon

TECHM is poised for a significant price and time reversal. Yesterday’s high of 1761 closely approaches the critical price level of 1800. On the downside, support stands at 1680 on cash. Should the price break below the 1680 support on a cash basis, a sharp decline toward 1625 and 1565 is likely within the next few days. On the time front, October 24th and 25th are very strong cycle dates.”

JSWSTEEL: Act Now Before the Price Drops

JSWSTEEL potentially reached a significant high on October 4th at 1063. While the mathematical analysis is promising, additional technical indicators are required for confirmation. From a price perspective, a daily close below 970 could signal a potential downward trend. If JSWSTEEL breaches this level, it may be pulled lower towards its Gann angle support at 942. A break below 942 could further exacerbate downward pressure, potentially leading to a decline towards 900 in the near term. Regarding time-based analysis, there are no significant cycle dates until November 6th.”

NIFTY Breaks Support, Bearish Trend Resumes

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.

AXISBANK: Eyes on Results, Support at 1095

AXISBANK has its results due today evening. Before this critical event, the stock has been positioned bearishly. There is no nearby time cycle due until October 30th, so for now, we just have to focus on price. And on the price front, the medium to long-term support for this stock is placed at 1,095 on cash. A break of 1,095 should drag prices towards 1,055 and 1,015 in the next few days. As long as the stock holds 1,095, it’s likely to consolidate until October 30th.

Harmonic Analysis Points to ITC’s Short-Term Correction

ITC likely formed a significant high on September 27 at 528. If we analyze the stock’s movement using basic harmonics from the March 12 low, this high appears to have been reached with mathematical precision. Looking ahead, we anticipate ITC undergoing a medium-term correction, potentially targeting 444. In the short term, the stock may test 472 in the coming days. While ITC is generally a slower-moving stock, we expect increased activity starting around October 18.”