*Daily Nifty 25th November 2024 Monday* *What We discussed Yesterday: Nifty was 23350*
Daily Nifty 25th November 2024 Monday
What We discussed Yesterday: Nifty was 23350
The important level to track today should be 23493. The +ve bias or the recovery after the fall of 3013 points and 35 days could re-enter if & only if Nifty is strong enough to move beyond 23493. Only in such a case we may see the strong recovery towards 23618(200EDMA) & even 23728. Nifty closing above 23728 could again be a strong +ve signal. Nifty’s failure to move beyond 23493 can drag Nifty lower towards the 2nd estimated target for Nourishing November target of 22895 in the next few days. Hence, it would be advisable to track 23493 closely today for the decisive move ahead. Anyway strategy should be simple, buy during falls and avoid buying during rallies.
What Happened Yesterday: Nifty is 23907
As discussed Nifty was able to move beyond 23493 during the first 15 minutes of trades itself. This helped the Nifty to recover towards the 1st estimated target of 23618 till 12 noon and later in the following 1 hour we even saw the 2nd estimated target of 23728 getting cleared. The Nifty overall recovered strongly till 23956 making the largest “Bullish Engulfing Candle” we saw during the whole correction. This candle suggests the “fire within” could sustain long. Yesterday was the 1st day for Nifty with the higher high higher low and the higher close after the long fall of 36 days. During this 36 days “a” fall we saw Nifty falling 3014 points which is a big 11.5% damage. Yesterday was the 1st day for Nifty in the recovery “b” wave which could be expected till 25632 to 25907 max in the next 22 to 57 days. Since the beginning of the month we have been assuming the correction till initially 23550 as support as this was the 1st lower target for Nourishing November. Yet, the fall was deeper till 23263 which is a normal scenario. We saw the strong rally before that for 311 days 7563 points which is 40% rally. Last week was the 8th week with a lower high lower low and the lower close, but the falling wave is assumed to end on Thursday and next few weeks recovery is expected. This is even the 2nd month & the 1st quarter with the lower high and lower low. The whole zone of 23550 to 21716 was assumed as the strong supportive zone for the current correction mode which began 36 days back. The Nifty entered into a “b” recovery wave for the next few weeks.
What to expect Today: Nifty is 23907
The +ve bias we saw on Friday could even continue further towards 24123, 24338 or even 24720 in the next 12-15 days. The overall recovery is …….. the full report
+ve Indices: Nifty_50, Nifty_100_200_500, Midcap, Bank, Commodities, Consumption, Div_Opportunity, Energy, Fin_Services, FMCG, Infra, NIfty_IT, Metal, MNC, Growth_15, Value_20, Pharma, PSE, PSUBank, Realty, Services
-ve Indices:nbsp;
Crude: CMP: 70.7 Crude sustaining above 71 can recover towards 75.
Insider Stories: Big Fish Activities
DISCLOSURE: FOR EDUCATION PURPOSES, DO NOT TREAT AS A RECOMMENDATION
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