Nifty Start of Week Pre Market Report for November 18 - 22, 2024

Nifty closed the previous week with a strong Bearish candle continuing the bearish sentiment that has been prevailing in the markets from 30th September, 2024.

As we can see in the Daily Charts, there has been continuous selling each week.
We have already witnessed 2 complete legs of selling from the top.
I believe we could be now in the 3rd leg of selling. There could be up to 5 legs of selling.

By that logic, 22,000 level could see a strong support in the coming weeks.

Presently, Nifty is taking support at 200 DEMA. There could be a mild bounce from this zone. However, I feel that that too would get taken out in a couple of days with a strong Bearish Daily candle (O=H type candle) which would lead the market to 22,900 zones.

All Nifty sectors continue to be weak barring the IT and Pharma.

Globally, all the markets continue to be weak except for The Australian markets, The Chinese Markets and the Hang Seng.

For this Week, Nifty could trade in the range between 24,330 to 23,200.

Stay tuned for Intraday updates as and when good set ups happen.