Everything opening at lower circuit ❗️🔻

Tech view: Nifty relief rally possible above 23,200. How to trade tomorrow

Nifty opened on a flat to negative note, saw considerable selling pressure, and concluded the day on a negative note around 23,350 levels. The volatility index India Vix surged by 2.09% to 15.99, indicating a rise in market volatility.

Technically, the index on a daily scale has formed a red candle, indicating weakness. However, the index has respected the 50-weekly simple moving average (WSMA), which is placed near 23,300 and the short-term trend line support which is placed near 23,200. As long as the index holds 23,200, a short-term relief rally could be possible. Overall, the short-term trend will remain down till the index remains below 23,800, said Hrishikesh Yedve of Asit C. Mehta Investment Interrmediates.

In the open interest (OI) data, the highest OI on the call side was observed at 23,350 and 23,400 strike prices, while on the put side, the highest OI was at 23,350 strike price followed by 23,300.

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Nifty view for this week.

Heavy Short Term Resistance placed at 24600 - 24450. (Multiple Technical Resistance).

Good Bounce of 600 Points from Monthly support zone of 23,300.

Gift Nifty showing 400 Points Gap up.

In any case if global market corrects/or some bad global events turn up then expect nifty to find bottom near 22800-23000 levels in December Month.

GIFT NIFTY Indicating a gapup start to Indian market by 280+ points

ASIAN markets are looking bullish.
US indices gave a bullish close last week, futures are super bullish as of now.

SMALLCAP & MIDCAP both gave strong closing last week.

BJP win is also affecting market positively.

Market may be short covering if market sustains the gapup today

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     AFCONS CMP 500
🟢POTENTIAL - 525/555+
🟢TIMEFRAME - 1MONTH
.............................................................
☑️ASCENDING TRIANGLE PATTERN DETECTED
☑️RSI NEAR 70
☑️VOLUME SPURTS SOON
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DISCLAIMER:
🔻🔻🔻🔻🔻
CHARTS & LEVELS ARE ONLY FOR EDUCATIONAL PURPOSE AND IT'S OUR OBSERVATION ONLY NOT ANY BUY/SELL RECOMMENDATION.✅✅

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     EKC CMP 213
🟢POTENTIAL - 240/255+
🟢TIMEFRAME - 1MONTH
.............................................................
☑️ROUND BOTTOM PATTERN DETECTED
☑️RSI NEAR 70
☑️VOLUME SPURTS SOON
..................................................................
DISCLAIMER:
🔻🔻🔻🔻🔻
CHARTS & LEVELS ARE ONLY FOR EDUCATIONAL PURPOSE AND IT'S OUR OBSERVATION ONLY NOT ANY BUY/SELL RECOMMENDATION.✅✅

Jash cmp 591
UPSIDE POSSIBLE - 625/666+
TIMEFRAME - 1 MONTH

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Jaicorp cmp 333
UPSIDE POSSIBLE - 375/390+
TIMEFRAME - 1 MONTH

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