Fri Nov 01 13:10:00 UTC 2024: ## Muhurat Trading: Nifty May Fall Below August Low in November, Says Expert

**Mumbai, Nov 1, 2024:** As the new financial year, Samvat 2081, begins with Muhurat trading, market experts are predicting a challenging start. According to Ashish Kyal, Founder & CEO of Waves Strategy Advisors, the Nifty index could break its August low in November.

“The Nifty has been consistently declining since reaching its peak of 26,277 on September 27th. In October, it broke the previous month’s low and closed below the previous high,” Kyal said. “The August 2024 low was 23,893, just 300 points away, so there’s a strong possibility of this level being breached in November 2024, leading to a potential drop towards the Head and Shoulders pattern target of 23,300.”

While a rebound above the immediate resistance of 24,490 could offer some relief, Kyal expects the downward trend to persist. He predicts that if the Nifty falls below 24,070, it could head towards 23,700 and then 23,300.

For the Muhurat trading day, Kyal advises a cautious approach, anticipating a positive opening but a potential downturn if prices fall below 24,070. “In the last few years, the Nifty has shown positive trends in the weeks leading up to the Muhurat trading day, with last year witnessing a gap-up opening followed by an uptrend. However, the market has been declining for a few weeks now, so while a positive opening is possible, a break below 24,070 could trigger a renewed downtrend,” he explained.

Kyal recommends **Poly Medicure** and **Fortis Healthcare** as his top two medium-term picks for Muhurat trading. Poly Medicure, having recently broken out of a rounding bottom pattern, is expected to target 3,300 with support at 2,650. Fortis Healthcare, currently consolidating within the 570-630 range, is seen as potentially bullish with a target of 680 if it breaks above 630, and support at 600.

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