NIFTY 50, October 26, 2023

Pre-market analysis: Bearish trend likely to continue


In line with yesterday's forecast, today's market maintained its bearish trajectory. The emergence of a shooting star candlestick pattern towards the end of the trading session on the 15-minute chart reinforces the bearish sentiment, suggesting a continuation of the downward trend or a potential sideways movement. A gap-up surprise is less likely.

Trading Strategy:

New support and resistance levels have been identified. It is advisable to enter positions only after a confirmed breakout or breakdown from these levels.

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