Nifty Pre Market Report_14th Nov 2024
Like BN, Nifty too had crashed severely yesterday.
After the considerable fall yesterday has now reached a vital Monthly Support Zone which also has a strong confluence with the 200 DEMA.
There was some last minute buying activity that happened yesterday which would mostly have been profit booking for all short positions.
Again, it would be advisable to not short any further as Nifty is now at a strong support zone.
Although I see further downside happening, there could be some sort of short covering rally happening first before the move down.
Directional players should ideally stay out for the next couple of days and wait for Monday.
After the considerable fall yesterday has now reached a vital Monthly Support Zone which also has a strong confluence with the 200 DEMA.
There was some last minute buying activity that happened yesterday which would mostly have been profit booking for all short positions.
Again, it would be advisable to not short any further as Nifty is now at a strong support zone.
Although I see further downside happening, there could be some sort of short covering rally happening first before the move down.
Directional players should ideally stay out for the next couple of days and wait for Monday.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.