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Nifty tests 200 DMA !! (14th Nov 2024)


1. U.S Markets closed mixed Yesterday. 
2. Asian markets are mixed right now.
3. U.S Futures are mixed.
4. The post Election rally has finally settled in U.S
5. U.S VIX is now below 14.
6. U.S VIX crashed 5% Yesterday.
6. Last 2 trading sessions , we have had brutal correction in our Markets.
7. Nifty has now officially corrected 10% from it's peak.
8. This is the first 10% correction after March 23.
9. This correction was very much due.
10. The Valuations had gone berserk.
11. Nifty had finally broken its big support level of 23800.
12. We might have a small pullback towards 23800 now as a bounce from 200 DMA.
13. If we do not bottom out here then we may fall another 1-2% on Indices.
14. Markets have fallen one way without stopping.
15. So a pullback might be due and then we decide from there the future course of action.
16. Bank Nifty which was the outperformer all this while also broke its support level of 51k Yesterday.
17. Now Bank Nifty is also at its final support level of 50k.
18. Expect a pullback currently towards 23800 if 23500 holds on Intraday.
19. The next big trigger for the markets would be the Maharashtra state Elections.
20.Nifty might trade between 23450 to 23800 today.

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