NIfty view as on 4th October 2024, Friday

Good morning everyone
4th October 2024, Friday

I can understand that many of you are feeling a bit nervous about the market's behavior. Happens. It's completely normal to panic if you trade without proper training.

But believe me, it was pending and we all knew it. The war between Iran and Israel and political tension in the USA due to the presidential election just fueled it. Despite knowing that the market was on high and a correction was due, many didn't have the patience to sit on the cash and wait for the correction to be over. Hence, they are stuck in their positions of loss and crying on social media and in their comment boxes.

Well, let's come back to the market.

NIFTY has broken a very important trendline on the daily chart. But still, there is hope for a bounce back from the weekly support zone 25148/25077. These are also the support for the day.

Any move can be anticipated only above 25333. So do not try to do bottom fishing. Wait for the resistance to be taken away on a daily level.

#Banknifty and #Finnifty both are at their trendline support and also tried to bounce back on micro timeframes. However, on the weekly chart, Banknifty looks bearish. So we need a good bounce from here on today to see greens next week.

Support for BANKNIFTY lies at 51700 levels — resistance at 51944.

For CNXFINANCE support is 23806 and resistance at 24333.

CNXFMCG, CNXMETAL, SUGAR & CHEMICAL sectors would be on the radar.

That will be all for the day. Have a profitable day ahead. Best of luck.

🔴 Disclaimer - Not a Buy/Sell Recommendation.