Pre-Market Update - NIFTY fell for the consecutive 6 days from ATH

 Pre-Market Update - NIFTY fell for the consecutive 6 days from ATH

NIFTY 1-Day Chart Oct 8, 2024

The market has been falling for the past week from the Time High level to the 24800 level which is a strong support level per the day chart. Increased FII selling, SEBI's new circular, and The pressure of all-time high levels are the reasons for this bear attack. Also, a correction was required in between. 

What to expect today?

OI data indicates that bears are dominating the market the next strong support as per OI data is at the 24500 level. PCR stands at 0.4567 which indicates a strong bearish sentiment. So expect a further fall from this level too. If NIFTY can sustain this level or can take this level as a support as it was a support level as per technical analysis, an upward movement can be expected. 

As per the analysis, my expectation of the market is to fall further to 24500 level.

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