NIFTY Spot View: 06/11/2024
CMP: 24213.30
Moving AVG (EMA) 20 Hour & 40 Hour: 24083 & 24170
Moving AVG (EMA) 20 Day & 40 Day: 24554 & 24752
Support & Downside Range: 24080—23975 Zone, 23848—23816 Zone, 23500--23350
Resistance & Upside Range: 24400—24500 Zone, 24760--25050
Short Term Trend Reversal Level: -- 23816
Trading View Summary:
• Ahead of one of the big global event our market gave strong recovery in yesterday's session from extreme oversold breath.
• So far can say that market has completed it's simple correction in form of ABC which started from ATH of 26277 and simple correction completed at 23816.
• Now upside 24400---24500 is immediate big resistance to watch. If NIFTY manage to move above this rest zone then we may see strong short covering move which may lead NIFTY towards minimum 24750 to maximum 25050 spot levels.
• Whereas downside 24080—23975 is big intraday mom dad support to watch if this gets break on 1hr sustain basis then trend turns sideways and market might go clueless for remaining hours of the day.
CMP: 24213.30
Moving AVG (EMA) 20 Hour & 40 Hour: 24083 & 24170
Moving AVG (EMA) 20 Day & 40 Day: 24554 & 24752
Support & Downside Range: 24080—23975 Zone, 23848—23816 Zone, 23500--23350
Resistance & Upside Range: 24400—24500 Zone, 24760--25050
Short Term Trend Reversal Level: -- 23816
Trading View Summary:
• Ahead of one of the big global event our market gave strong recovery in yesterday's session from extreme oversold breath.
• So far can say that market has completed it's simple correction in form of ABC which started from ATH of 26277 and simple correction completed at 23816.
• Now upside 24400---24500 is immediate big resistance to watch. If NIFTY manage to move above this rest zone then we may see strong short covering move which may lead NIFTY towards minimum 24750 to maximum 25050 spot levels.
• Whereas downside 24080—23975 is big intraday mom dad support to watch if this gets break on 1hr sustain basis then trend turns sideways and market might go clueless for remaining hours of the day.
Stay Cautious Amid High Volatility as Markets React to U.S. Election Results
With Donald Trump expected to be sworn in as the 47th President, emotions are running high, and market volatility is likely to follow suit. Today may not be the best day for large positions—better to let things settle over the next 24 hours and make informed trades based on price action and emerging news flow.
While we’re seeing plenty of articles and social media buzz around potential policies from the new administration, it’s essential to remember that these will take weeks to materialize. The official swearing-in happens at the end of January, giving markets time to digest actual policy moves rather than speculation.
Trade with caution and stay focused on the long-term trends over the immediate noise.
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