*Daily Nifty 29th November 2024 Friday* *What We discussed Yesterday: Nifty was 24278*
Daily Nifty 29th November 2024 Friday
What We discussed Yesterday: Nifty was 24278
Yesterday we saw muted Q3_GDP data for the US and India’s Q2_GDP will be announced tomorrow. The important level to track pre_GDP data should be yesterday’s low 24147. The temporary fall for 2-3 days could again re-enter towards 23953 if & only if Nifty falls below 24147 else biases could be flat to +ve. Nifty sustaining above 24147 can help recover further towards 25580 making the new recovery high. The target of 24720 could be seen in the next 9-12 days in such a case. The overall recovery is assumed till 25632 to 25907 in the 18 to 53 days where some profit booking could be done again. Hence it would be advisable to track 24147 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 23914
As discussed yesterday Nifty fell below 24147 during the 1st 30 minutes of opening itself and hence we saw the fall not only till the assumed target of 23953 but the fall was deeper till 23873. The gap of the 1st gap up opening was filled yesterday at 23907. Yesterday Nifty made the lower high lower low and the lower close post US GDP data and ahead of Indian GDP data. Yesterday was the 3rd day of pause after a strong 2 days of recovery. This was the 5th day within a recovery phase “b” after a 36 day fall “a”. During this 36 days “a” fall we saw Nifty falling 3014 points which is a big 11.5% damage. Yesterday was the 5th day for Nifty in the recovery “b” wave where Nifty recovered 1089 which is a strong 4.7% recovery. This recovery could be expected till 25632 to 25907 max in the next 18 to 53 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. We saw the strong rally before that for 311 days 7563 points which is 40% rally. This is the 1st week for Nifty with higher high higher low and today is the last day to check if it is higher close or not. 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 41 days (36+5) back. The Nifty entered into a “b” recovery wave for the next few weeks, but yesterday was the big fall pre_GDP data announcement. Today post Market Q2_GDP data will be announced.
What to expect Today: Nifty is 23914
Ahead of India Q2_GDP data the important level to track today should be 24346. The fall was saw yesterday could even continue further for the 2 …….. the full report
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