NIFTY Spot View: 23/10/2024
CMP: 24472.10
Moving AVG (EMA) 20 Hour & 40 Hour: 24690 & 24780
Moving AVG (EMA) 20 Day & 40 Day: 25053 & 25062
Support & Downside Range: 24430—24400 Zone, 24220--23880
Resistance & Upside Range: 24620—24825--24980
Short Term Trend Reversal Level: -- 25235
Trading View Summary:
• In yesterday's trading session NIFTY gave close below crucial support level of 24690 which has opened a more downside risk which we may face in days to come.
• Now fresh clarity of the bottom done comes only above 25235 spot levels on daily closing basis.
• As long as nifty is trading below 25235 now trend remains sell on rise till it completes its downside formation.
• For today's trading prospective 24430—24400 should act as immediate trading support if this manage to hold then due to oversold market breath we may see small pullback bounce towards 24620—24825 levels.
• Whereas on the way up 24825 to 24980 should act as immediate trading resistance.
