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Nifty Analysis for 23rd Oct

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Updated On:

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

After our last post on Friday, when we held 11535, Nifty continued its upside rally, and yesterday, it made a high around 11715.

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

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

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

Intraday Nifty Analysis for 23rd Oct

Today’s Intraday resistance is at 11630. Above, the move towards 11665/11720/11810 can be seen.

While today’s support is likely to come at 11560, a move towards 11525/11470/11380 can be seen below that.

Note: The above-mentioned Price projection & other Information are for educational purposes only.

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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.