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The Nifty 50 opened strongly at 24,254 following the BJP-led Mahayuti's victory in Maharashtra, closing at 24,222, up 315 points or 1.32%. With 24,000 as a key support level, immediate resistance is at 24,400, while the RSI indicates a bullish trend, suggesting positive sentiment and potential buying opportunities.
The Nifty 50 experienced a significant rebound, closing at 23,907, up 557 points or 2.39%, marking its largest single-day gain since June 5. The index surpassed the key resistance level of 23,800, with immediate targets set at 24,000 and 24,500, while support levels are identified at 23,750 and 23,550. Positive momentum is indicated by the RSI entering a bullish crossover, suggesting a favorable sentiment for a short-term rally.
The Nifty 50 closed at 23,519, marking its first gain in eight sessions, but remained below the crucial 200-day EMA of 23,541 amid geopolitical tensions. A Gravestone Doji pattern suggests bearish sentiment, yet a hold above 23,350 could indicate a bullish reversal, with resistance at 23,800. Options data points to a short-term range of 23,000–24,000.
More than 50% of stocks across major Indian indices have fallen below their 200-day moving average amid a market correction, with over 400 stocks experiencing significant declines. Analysts advise caution, particularly with low-volume stocks, while suggesting that fundamentally strong companies may find support at this level. Foreign investors have offloaded substantial amounts, contributing to the bearish sentiment, as concerns over geopolitical tensions and weak earnings persist.
The Nifty 50 extended its downtrend for the seventh consecutive session, closing at 23,454, down 79 points, and forming a bearish candlestick pattern. The index may test 23,200, coinciding with the 50-week EMA, while resistance is seen at 23,600–23,800. Despite the RSI indicating oversold conditions, a sustained rebound seems unlikely amid prevailing bearish sentiment.
More than 100 small-cap stocks experienced declines of 10-26% as major indices fell over 4%. The BSE Sensex dropped 1,906.01 points (2.39%) to close at 77,580.31, while the Nifty50 fell 615.5 points (2.5%) to finish at 23,532.70, amid profit booking and concerns over inflation. Support for the index is at 23,450, with resistance at 23,650, framing the short-term trading range.
The Nifty 50 continued its downtrend, closing at 23,533, marking its lowest since June 21, and forming a Gravestone Doji candlestick pattern, indicating bearish sentiment. Experts suggest that if the index falls below the 200-day EMA of 23,542, it could target 23,200, while immediate resistance is seen at 23,800. A "sell on rise" strategy is recommended as the index remains in an oversold zone.
The Nifty 50 index faced selling pressure, closing at 24,205 after a decline of 136 points, as it traded within the 24,100-24,500 range amid caution ahead of the US elections on November 5. A break below 24,100 could lead to further declines towards 24,000-23,900, while resistance remains at 24,500.
The Nifty 50 closed down 0.5% at 24,341 amid rangebound trading, struggling to break the 24,500 resistance level, which aligns with the 100-day and 10-day EMA. Key support is seen at 24,250 and 24,000, while volatility has reached a two-and-a-half-month high, raising caution among bulls. A decisive breakout from the 24,250-24,500 range is anticipated to provide direction for the index.
The Nifty 50 index fell sharply, closing at 24,472, down 1.25%, after breaking key support levels, including the 20-week EMA. Experts warn that if it breaches 24,400, the decline could extend to 24,000 or the August low of 23,900, while 24,700 remains a significant resistance level. Market sentiment is expected to stay weak, favoring a 'sell on rise' strategy.
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