Nifty Made Big Red Candle
On Thursday, the Nifty index reached nearly 20000, indicating a positive momentum. However, on Friday, there was a significant decline in the market, with the opening price being much lower than the previous close. This suggests substantial selling pressure in the market. It is too early to determine whether this is a correction or profit booking, but if the Nifty closes below the level of 19550, it would indicate a potential reversal in the market trend.
For tomorrow, if the price goes below the 19700 level, we may expect additional selling pressure in the market. However, if the market opens with a gap up, we can anticipate a potentially volatile day ahead. It is important to note that the 20000 level acts as a strong resistance level, meaning it could potentially hinder further upward movement. On the downside, we have support levels at 19602, 19501, and 19370, which are expected to provide some level of support to prevent further decline.
For tomorrow, if the price goes below the 19700 level, we may expect additional selling pressure in the market. However, if the market opens with a gap up, we can anticipate a potentially volatile day ahead. It is important to note that the 20000 level acts as a strong resistance level, meaning it could potentially hinder further upward movement. On the downside, we have support levels at 19602, 19501, and 19370, which are expected to provide some level of support to prevent further decline.
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