This point needed to be broken for a reversal inn Nifty

Good Morning Everyone!
31st Oct. 2024, Thursday

Many are thinking the market trend is bearish.

No, it's definitely down, but not entirely bearish just yet.

So be cautious about shorting after 1 pm today.
Until then, expect a downmove toward the support at 24,224.

However, based on the MACD chart, we may see a rise to the resistance levels at 24,528/24,817.
If you get an opportunity to short, be sure to lock in some gains as momentum shifts.

Yes, I’m talking about a reversal in NIFTY .

With both Technicals and #Macros aligned, the index seems ready for a reversal.

BANKNIFTY appears to be stuck sideways.

However, it looks strong in the second half.

Resistance for the day is at 52,200, while support sits at 51,600. Between these range, it’s just the usual options decay game.

Look for stocks that have bounced at least 3% from support with solid volume for trading opportunities ahead.

That’s all—have a profitable day!

🔴 Disclaimer - Not a Buy/Sell Recommendation.