On this auspicious occasion of Dussehra, let’s celebrate the triumph of good over evil, bravery, and courage, and May all your sorrows go away today, and may your spirit rise in your heart that will lead you successfully through all your achievements.
🙏🙏🙏Happy Dussehra!!! 🙏🙏🙏
FOR GETTTING LIVE TRADING TIPS FOR MONDAY 4 OCT 2022 WHATSAPP YOUR NAME & SEGMENT ON 9039542248
The domestic market reflected a robust overnight Wall Street surge and upbeat domestic business data released by banks, ending the day on a cheerful note. Markets rebounded strongly from Monday's plunge, gaining over 2%, following firm global cues. The Nifty index opened a gap to the upside and gradually rose over the session, finally settling around the daily high to close above 17200. All industry indices participated in the move, with metal, banks and IT among the top gainers. Broader indices also saw decent traction, gaining in the 1.7% to 2.5% range. Finally, the Sensex rose 1276 points to 58065 and the Nifty rose 387 points to 17274.An unexpected slowdown in the US manufacturing purchasing managers' index raised hopes that the Federal Reserve would slow the pace of monetary tightening. As a result, US bond yields fell in line with the US dollar. Markets are currently dancing to the global tunes and the recovery in US markets has sparked this recovery. Going forward, Nifty should hold 17225 to maintain the positive bias and move towards above 17300 zone. We reiterate our view to focus more on stock selection and risk management, noting the excessive volatility. Nifty has moved higher on the daily chart after consolidating, indicating a rise in optimism among market participants. The index positioned above 200DMA which is a bullish setup. The momentum indicator has entered a bullish crossover. The short-term trend looks positive. A decisive move above 17250 could trigger a strong rally in the market. On the lower end, support lies at 17050 ; Upper end resistance is seen at 17400/17500. Technically, the index rebounded sharply after a sharp intraday correction. on 4 oct 2022 after opening the gap, it held the 17200/57500 level and managed to close above it. A higher bottom formation was also formed on intraday charts, suggesting a continuation of the uptrend in the near future. Short term market structure is positive but due to temporary overbought we could see range bound activity in the near term. For traders now, 17225-17200 /57,800-57,600 would be the key support zone, while 17350-17450/58,300-58,400 would act as the key resistance zone for the index. Buying on an intraday correction and selling on rallies would be the ideal strategy for day traders.
Resistance: 17300,
17400, 17500
Support: 17200, 17100, 17000
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