Nifty has been moving in volatile fashion over past few days. Prices managed to close back on 25000 levels on 8th October 2024.
It is important to see the outlook from Time cycle perspective.
Nifty daily chart – 55 Days Time cycle
Nifty hourly chart:
Nifty first chart shows 3 vertical lines which are time cycles. The middle line is the main 55 Days Time cycle line. The date as per this is near 4th November 2024. This indicates that near to Diwali we might start seeing positive price action again and post Diwali market should remain stable until end of November 2024.
Future Line of Demarcation – FLD: This is Time indicator that gives price target on intersection. We can see that prices closed below this line on 7th October but managed to again close near it on 8th October. To get further confirmation any break below 24690 will increase the odds that the intersection is confirmed and then it will open downside targets for 23600 levels.
We will revisit the above scenario once there is a confirmation by break below 24690. As long as same is intact short term pullback is possible towards 25080 followed by 25290 levels.
In a nutshell, time plays vital role for decision making ability for traders. The concept of time can be applied even on 15 minutes chart and 5 minutes chart that too on stocks. For Nifty, prices closed at important juncture with 24690 crucial over next few days. Breach below it will be strongly bearish. As long as same is intact short term pullback cannot be ruled out for move to 25290 levels.
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