NIFTY VIEW AS ON 24 SEP 2020 (Most Important Support Zone)
As we have discussed since long that total required correction for NIFTY was upto this zone of 11800. We have seen that NIFTY has exactly closed around the same. Does that mean you go long now ? No , this is the juncture where we need to take steps if we see rebounce on the chart with our stop loss. This zone should ideally be a bounce back zone. Any further decline will be interesting to see. Level to watch out for is missing today as we are at our initial final support zone.
Overall Conclusion : We are at our major support area and ideally NIFTY must rest or bounce back from here on. However price action at such places along with other global scenarios are equally important. Watch out for some action packed movement from here on. There is also a possibility of sideways movement for few days. Any further breakdown below today's low will open up new levels which i think should not happen because that will trouble existing portfolios.