#Nifty directions and levels for December 16th.
Good morning, friends! 🌞 Here are the market directions and levels for December 16th.
Market Overview:
The global market is showing moderately bearish sentiment (based on the Dow Jones only), while our local market displays bullish sentiment. Today, the market may open with a slightly gap-down start, as the Gift Nifty is indicating a negative 100 points at 8:00 AM.
In the previous session, both Nifty and Bank Nifty moved in two directions; however, by the end of the day, they closed with a solid rally.
What about today?
> As per yesterday's structure, if the market takes a pullback initially, we can expect further continuation with some consolidation.
> Additionally, open interest (OI) and the RSI indicator support this outlook.
> However, if we look at this from a broader perspective, it seems we are in a range-bound market.
> Therefore, until the market breaks the 38% Fibonacci level on the downside, we can consider this a bullish market. However, if it breaks below this 38% level, we should approach it as a range-bound market. This is the basic structure; let’s explain this in the chart.
Both Nifty and Bank Nifty share the same structural sentiment.
Nifty Current View:
The current view suggests that if the market takes a pullback after the gap-down start, we can expect the rally to continue. However, confirmation should be considered from an effective break of the 24797 mark. This is the basic structure.
Alternate View:
The alternate view suggests that if the market sustains the gap-down and breaks the 24702 mark, it could reach a minimum of 23% to a maximum of 38%. Structurally, it won’t break 38%. However, if it does break, then it will reach the 50% and 78% Fibonacci levels in the recent swing. Simply put, if you find a three-wave structure while it reaches this level, we can expect a bounce back, which indicates a bullish structure. However, if it reaches the 38% level in a straight line, it will likely continue further once it breaks the 38% mark.
Market Overview:
The global market is showing moderately bearish sentiment (based on the Dow Jones only), while our local market displays bullish sentiment. Today, the market may open with a slightly gap-down start, as the Gift Nifty is indicating a negative 100 points at 8:00 AM.
In the previous session, both Nifty and Bank Nifty moved in two directions; however, by the end of the day, they closed with a solid rally.
What about today?
> As per yesterday's structure, if the market takes a pullback initially, we can expect further continuation with some consolidation.
> Additionally, open interest (OI) and the RSI indicator support this outlook.
> However, if we look at this from a broader perspective, it seems we are in a range-bound market.
> Therefore, until the market breaks the 38% Fibonacci level on the downside, we can consider this a bullish market. However, if it breaks below this 38% level, we should approach it as a range-bound market. This is the basic structure; let’s explain this in the chart.
Both Nifty and Bank Nifty share the same structural sentiment.
Nifty Current View:
The current view suggests that if the market takes a pullback after the gap-down start, we can expect the rally to continue. However, confirmation should be considered from an effective break of the 24797 mark. This is the basic structure.
Alternate View:
The alternate view suggests that if the market sustains the gap-down and breaks the 24702 mark, it could reach a minimum of 23% to a maximum of 38%. Structurally, it won’t break 38%. However, if it does break, then it will reach the 50% and 78% Fibonacci levels in the recent swing. Simply put, if you find a three-wave structure while it reaches this level, we can expect a bounce back, which indicates a bullish structure. However, if it reaches the 38% level in a straight line, it will likely continue further once it breaks the 38% mark.
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