Key Points
Nifty fell sharply following the downgrading of the US credit rating from AAA to AA+, leading to a breakdown from the recent consolidation on the daily timeframe..
A conclusive break above this level, particularly on a closing basis, could initiate further upward movement, potentially targeting levels around 45,800 or even 46,000.On the downside, a support level can be identified at 45,500..
Should the index break below this support, the bears could regain control, potentially leading to more downward movements..
Furthermore, the stock has broken out from its 20-day moving average (20DMA) with noticeable volumes, reinforcing the stock's strength and potential upward momentum..
For investors and traders, there is a visible support level at 395, likely to act as a crucial level for potential reversals..
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