Nifty : Kal , Aaj aur Kal (31/01/2025)

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30/01/2025 , Thursday

Nifty has been in correction mode since we posted our Youtube video on 30th September 2024 (youtube link shared) , where we specifically mentioned that based on Chart Structure , Data Build up and Breadth Indicators , it look market may see a correction in coming expiries of October , November, December 2024.
Nifty in this correction phase has revisited Modiji Election highs ( MODI 3.0 Result highs ), which were a prominent support level as they were formed on a macro day ( Election day ). Since 13 th January 2025 , Nifty has been consolidating and hovering below the Modiji Election highs.
Today, that is on 30th January 2025 , Nifty opened flat and bounced to kiss 20 day SMA ( Simple Moving Average ) but failed to sustain above it and closed at 23249.50 spot levels . For Friday , that is 31st January 2025, If Nifty holds its immediate support of 23125 spot levels , then it may again attempt to kiss 20 day SMA . Moreover, If Nifty successfully holds above 20 day SMA , then it may kiss 23500 spot levels. However, if Nifty fails to hold above 23125 spot levels , then it may kiss 22900 spot levels .

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Charts and Levels mentioned are for educational purposes only . This should not be regarded as Buy , Sell or Hold recommendations . Visit Disclaimers and Disclosures section of our website www.shriramtradersclub.com