Where is market headed as of 25th September 2024?
Good morning, everyone!
25th Sept. 2024, Wednesday
As we analyzed yesterday,
NIFTY needed a little correction, and the chart confirmed this by forming a Doji at the top.
Now, the high and low of this Doji will decide today's trend for the index. If the high of 25025, which is also the resistance for the day, is broken, we may see a further upward rally.
However, if the low is broken, we may see a dip towards 25745, which is the support for the index. You can consider a swing trade from here. Below this, another support level is 25555, which would be an ideal point to add fresh short-term longs.
Shorting the market is still not advisable, as both the short- and long-term trends for the benchmark index remain bullish.
Buying on dips from support levels will be a good strategy for the next few days.
Today is
BANKNIFTY expiry, and it has already shown signs of taking a short rest. A good opportunity might emerge at the support levels of 53357/52922. Any upward move will likely continue if 54250 is crossed on a closing basis.
CNXFINANCE, following suit, is also showing signs of a slight downmove toward the support at 24670. It needs to break 25012 for any further upward movement.
CCNXMETAL and #Textiles sectors will be on the radar today.
That's all for today. Have a profitable day ahead!
And remember - #Learning is Earning
🔴 Disclaimer - Not a Buy/Sell Recommendation.
TrendX Institute of Technical Analysis
(A Unit of Candlestick Institute OPC Pvt Ltd.)
GSTIN NO. - 07AALCC8499B1ZA
25th Sept. 2024, Wednesday
As we analyzed yesterday,
NIFTY needed a little correction, and the chart confirmed this by forming a Doji at the top. Now, the high and low of this Doji will decide today's trend for the index. If the high of 25025, which is also the resistance for the day, is broken, we may see a further upward rally.
However, if the low is broken, we may see a dip towards 25745, which is the support for the index. You can consider a swing trade from here. Below this, another support level is 25555, which would be an ideal point to add fresh short-term longs.
Shorting the market is still not advisable, as both the short- and long-term trends for the benchmark index remain bullish.
Buying on dips from support levels will be a good strategy for the next few days.
Today is
BANKNIFTY expiry, and it has already shown signs of taking a short rest. A good opportunity might emerge at the support levels of 53357/52922. Any upward move will likely continue if 54250 is crossed on a closing basis. CNXFINANCE, following suit, is also showing signs of a slight downmove toward the support at 24670. It needs to break 25012 for any further upward movement. CCNXMETAL and #Textiles sectors will be on the radar today.
That's all for today. Have a profitable day ahead!
And remember - #Learning is Earning
🔴 Disclaimer - Not a Buy/Sell Recommendation.
TrendX Institute of Technical Analysis
(A Unit of Candlestick Institute OPC Pvt Ltd.)
GSTIN NO. - 07AALCC8499B1ZA
Disclaimer
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