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[hfe_template id='11223'] [ad_1] The downturn that began in late September 2024, after Nifty hit an all-time high of 26,277, has finally taken a pause. A congestion zone, originally formed during the March-May 2024 consolidation, provided support around 21,900, where Nifty recently found a cushion at 21,964. This five-month decline, amounting to a 16.4% correction, ranks among the longest and steepest in recent history, with only three past instances exceeding this duration. The impact has been particularly severe on high-beta stocks, with Mid and Small Caps bearing the brunt of the selloff. “Since last Monday, however, Midcaps—which were deeply oversold—have shown early signs of recovery, helping improve overall market sentiment. This bullish push has allowed Nifty to reclaim the 22,500 mark,” believes Sahaj Agrawal, Senior Vice President: Head of Derivatives Research at Kotak Securities. On the upside, 22,800 serves as the next major resistance, having acted as a suppo...

[hfe_template id='11223'] [ad_1] The week that went by was in complete contrast to the week before as the markets heavily consolidated in a tight range. In the week before this one, the Nifty had seen a significant retracement of over 1167 points; however, over the past five trading days, the index stayed totally devoid of any directional bias and ended the week on a flat note. The volatility also tapered down; the India VIX came off by 6.42% to 13.22 on a weekly basis. The trading range also got much narrower; the index oscillated in a range of 539.70 points. Following some strong consolidation, the headline index closed flat with a minor weekly loss of 50.35 points (-0.20%). ETMarkets.com The coming weeks are crucial for the markets from a short-term perspective. The NIFTY Bank and FINNIFTY will cease to have weekly contracts beginning November 20 following the SEBI’s recent directives. It will be only NIFTY that shall have weekly contracts. This may keep the indices a...