Nifty Price Prediction for 11 Nov 2024

 Taking a closer look at the Nifty 50 chart, we see a striking pattern: a three-wave rising trend after a recent market fall. Such a pattern often indicates that the market is entering an impulsive wave, which might lead to a decline. With this wave count holding, a further negative move might be possible if the market breaks its prior lows. Essentially, this indicates the previous upward correction has ended and that a fresh downward impulse move is possible.


NIFTY 50 / 5 MIN


On the downside, Nifty has relatively weak support around 23,950. If prices break through this level, the next two support levels to monitor are 23,800 and 23,700.

As usual, the market has the potential to surprise. If the Nifty initiates a strong bullish trend tomorrow, the whole wave count becomes invalid.


Last Update


Disclaimer

This post is just for informative purposes and does not constitute financial advice. Trading and investing involve risk, and past performance does not guarantee future results. Before making an investing or trading choice, readers should undertake their own research and evaluate their own circumstances. The author and platform accept no responsibility for any financial losses or damages stemming from the use of this material. Receive personalized advice from a qualified financial advisor.

Comments

Post a Comment

Popular posts from this blog

Nifty Price Prediction for 03 Oct 2024

Image
  The Nifty chart has  corrected  to be consistent with predictions, and if the prior wave counts are valid, a downward  impulse  might happen now. On the other hand, pace-wise, it’s likely to be slower than the last impulse. NIFTY 50 / 5MIN A possible destination for the Nifty 50 at 25,280 would be a 100% price decline from the previous slope. The market finds strong support around 25,400, indicating a 78% retracement just before reaching that level. Last Update Disclaimer This post is just for informative purposes and does not constitute financial advice. Trading and investing involve risk, and past performance does not guarantee future results. Before making an investing or trading choice, readers should undertake their own research and evaluate their own circumstances. The author and platform accept no responsibility for any financial losses or damages stemming from the use of this material. Receive personalized advice from a qualified financial advisor.
Read more

Nifty Price Prediction for 10 Oct 2024

Image
The Nifty chart shows that the  correction  is not yet over, which might mean that prices go down tomorrow. In such cases, the market can bounce up for some time before continuing its longer-term decline. This scenario is consistent with a continuation of the corrective phase and a subsequent downward trend. NIFTY 50 / 5 MIN If we look at the downside, we can see that the 61% and 78% Fibonacci retracement levels provide crucial support, with the first level being at about 24,900 and the second reaching 24,800. It is possible that prices may fall even deeper if the market breaks below the previous low. This might prompt another sharp move to the negative. Traders must closely monitor this as it could signal the start of the next  impulsive  decline in tomorrow’s market session. Last Update Disclaimer This post is just for informative purposes and does not constitute financial advice. Trading and investing involve risk, and past performance does not guarantee future re...
Read more

Nifty Price Prediction for 09 Oct 2024

Image
The Nifty chart might see another correction, perhaps sliding lower after completing a complex corrective wave . Consistent with the present market structure, this suggests that the larger trend, which could be pointing downwards in this instance, would likely persist after periods of choppy or sideways action. NIFTY 50 / 5MIN The 38% Fibonacci retracement level, at around 15,125, is the first significant level to monitor for resistance, followed by the 50% retracement level, at 25,250, which is a more substantial barrier. In tomorrow's market activity, these levels will serve as important resistance marks and give clues as to the market's next possible direction. Last Update Disclaimer This post is just for informative purposes and does not constitute financial advice. Trading and investing involve risk, and past performance does not guarantee future results. Before making an investing or trading choice, readers should undertake their own research and evaluate their own circum...
Read more