NIFTY Spot View: 13/11/2024
CMP: 23883.45
Moving AVG (EMA) 20 Hour & 40 Hour: 24107 & 24156
Moving AVG (EMA) 20 Day & 40 Day: 24393 & 24621
Support & Downside Range: 23816—23750 Zone, 23670--23500
Resistance & Upside Range: 24050—24110 Zone, 24260—24340 Zone
Short Term Trend Reversal Level: --
Trading View Summary:
• Despite of the oversold breath condition FII's are still selling and no sign of relief of even bounce so far. Till now NIFTY has corrected almost 8.5 to 9% from ATH and in bull market 5 to 10% are normal pullback cases.
• For today's intraday trading session key level to watch is 23816 to 23750 as support. After opening if this support zone breaks on 30 mins to 1hr sustain basis then we may see more intraday downside move towards minimum 23670 and max 23500 spot levels.
• If bulls wants to come back hard then they must defend 23670 to 23500 by any mean on closing basis. Whereas if 23670—23500 gets break on continues 1 to 2 days closing basis then I'm afraid we may see more deeper correction towards minimum 22500 to 22000 and max 21800 to 21200 spot levels. So understand the importance of 23670—23500 support zone on closing basis here.
