Comment on Market is currently in an oversold zone by Pranay Aggarwal, CEO, Stoxkart - a discount broker
Below the Comment By Pranay Aggarwal, CEO, Stoxkart - a discount broker
Nifty is at a pivotal level characterized by today's rollercoaster of intraday activity which created a Doji candlestick on daily charts. The overall market is currently in an oversold zone, which indicates Doji could be positive for the short term. However, the medium-term trend remains bearish as long as Nifty stays below the 25000 mark. A decisive move above 24500 could trigger a short-term pullback or relief rally following the recent decline. Conversely, a slide below 24300 may increase selling pressure, potentially pushing us down towards 24200 and 24100 levels as well. In summary, traders should adopt a wait-and-watch approach at current levels for any sudden market reactions.
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