Nifty 50 outlook
Euphoria phase is completed in the Market Sentiment Cycle
On 25th Oct. '24 Nifty RSI has closed below 30, we may see a bounce during this week or next. But this will only be a bull trap.
Once 23,800 is taken out decisively on the down-side, then before the end of Dec. '24 we will see Nifty test 22,700-23,500. I'm still holding 30% cash from the stocks which I exited on 11th Oct.
Only once Nifty tests 22,700-23,500 I will assess the situation to buy or keep holding cash. For me this is currently a "No Trade Zone".
On 25th Oct. '24 Nifty RSI has closed below 30, we may see a bounce during this week or next. But this will only be a bull trap.
Once 23,800 is taken out decisively on the down-side, then before the end of Dec. '24 we will see Nifty test 22,700-23,500. I'm still holding 30% cash from the stocks which I exited on 11th Oct.
Only once Nifty tests 22,700-23,500 I will assess the situation to buy or keep holding cash. For me this is currently a "No Trade Zone".
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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.