Nifty view as on 26 September 2024
Good morning, everyone!
26th Sept. 2024, Thursday
I know, guys. You’re probably feeling uneasy seeing
NIFTY make new highs, one after another, without any correction.
But let me share from my experience — "The market can remain irrational longer than you can stay rational."
So, don’t try to predict the market. Instead, focus on drawing your levels — Support and Resistance — and then stick to them. Just stick to them.
Yesterday, #Nifty's ADR reached 1.3%, right at the resistance level. This kind of pattern can frustrate even the most seasoned traders. So, don't be afraid of market volatility. It's the beauty of the market — constantly challenging our views every single day, week, and even minute!
One friendly piece of advice — DO NOT short at this point. Also, don't chase any breakout or gap-up.
Now, back to the levels — minor support for #Nifty is at 25948. If this level is breached on a closing basis, we could see a deeper drop to 25640. Resistance is now at 26077.
(Do you remember when I said Nifty would soon touch 26k when it was just at 24k? Well, the target is done and dusted!)
BANKNIFTY looks super bullish with minor support at 53940. It’s forming a Cup & Handle pattern on the daily chart. The new target based on pattern extension is 56850, but only after breaking the resistance at 54250. Another support is at 53136 if the minor support is taken out on a closing basis.
CNXFINANCE is also looking bullish, with a new resistance at 25040 and minor support at 24884. Another support lies at 24507.
CCNXMEDIA and
CNXPHARMA sectors will be on the radar for today.
That’s all for the day. Have a profitable day ahead!
#Trading #TrendX #StockMarket #Learning
🔴 Disclaimer - Not a Buy/Sell Recommendation.
TrendX Institute of Technical Analysis
(A Unit of Candlestick Institute OPC Pvt Ltd.)
GSTIN NO. - 07AALCC8499B1ZA
26th Sept. 2024, Thursday
I know, guys. You’re probably feeling uneasy seeing
NIFTY make new highs, one after another, without any correction. But let me share from my experience — "The market can remain irrational longer than you can stay rational."
So, don’t try to predict the market. Instead, focus on drawing your levels — Support and Resistance — and then stick to them. Just stick to them.
Yesterday, #Nifty's ADR reached 1.3%, right at the resistance level. This kind of pattern can frustrate even the most seasoned traders. So, don't be afraid of market volatility. It's the beauty of the market — constantly challenging our views every single day, week, and even minute!
One friendly piece of advice — DO NOT short at this point. Also, don't chase any breakout or gap-up.
Now, back to the levels — minor support for #Nifty is at 25948. If this level is breached on a closing basis, we could see a deeper drop to 25640. Resistance is now at 26077.
(Do you remember when I said Nifty would soon touch 26k when it was just at 24k? Well, the target is done and dusted!)
BANKNIFTY looks super bullish with minor support at 53940. It’s forming a Cup & Handle pattern on the daily chart. The new target based on pattern extension is 56850, but only after breaking the resistance at 54250. Another support is at 53136 if the minor support is taken out on a closing basis. CNXFINANCE is also looking bullish, with a new resistance at 25040 and minor support at 24884. Another support lies at 24507. CCNXMEDIA and
CNXPHARMA sectors will be on the radar for today. That’s all for the day. Have a profitable day ahead!
#Trading #TrendX #StockMarket #Learning
🔴 Disclaimer - Not a Buy/Sell Recommendation.
TrendX Institute of Technical Analysis
(A Unit of Candlestick Institute OPC Pvt Ltd.)
GSTIN NO. - 07AALCC8499B1ZA
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