Nifty Analysis for 23rd Oct

In the last Nifty Analysis, we discussed. Nifty is progressing towards a significant Time cycle point. We can see some pullback in the present on-going upside rally. Bulls now need to hold 11535 for keeping the continuous positive side momentum in their favor. On the upside, 11675-11700 is the critical area to watch out for a more significant trend.

After our last post on Friday by holding 11535 Nifty continued its upside rally, and yesterday it made the high around 11715 levels.

We also discussed Index is approaching towards critical Time Cycle point, the effect of that was well seen yesterday. After making high around 11715, Nifty corrected almost 150 points.

Now moving ahead, Bulls need to break and hold above 11740 for a further rise towards 11810/11950 levels.

On the lower end, we carefully need to watch the Price action near in 11530-11500 range, which will act as significant short term support.

Intraday Nifty Analysis for 23rd Oct

Resistance for today in Intraday is at 11630 above the move towards 11665/11720/11810 can seen.

While Support for today is likely to come at, 11560 below that move towards 11525/11470/11380 can be seen.

Note: Above mention Price projection & other Information are for educational purpose only.

About the author

Divesh Jotwani is a Full-time trader in the Indian stock market. He has spent over 20+ years researching and discovering WD Gann's methods and applying them day in and out markets.