#Nifty directions and level for September 3rd.
Good morning, friends! 🌞 Here are the directions and levels for September 3rd.
Market Overview
The global and local markets are still maintaining their consolidation phase with a bullish outlook, supported by the Dow Jones. Today, the market may open with a neutral to slightly gap-down start, as the SGX Nifty indicates a negative 10-point move as of 8:00 AM.
There have been no significant changes, and both Nifty and Bank Nifty are maintaining their consolidation structure. What about today? Simply put, it might continue in the same way. However, we need to observe how it continues this structure and whether it takes the next move.
Nifty
Current View:
The basic structure suggests that if the market opens with a gap-up or if it finds support around the 38% Fibonacci level on the downside, the range-bound market is likely to continue. After that, if it breaks the range to the upside, the next target could be the minor supply zone.
Alternate View:
The alternate view suggests that if the correction takes a sharp decline and consolidates or breaks the 50% Fibonacci level, it could fall further to the level of 25119 or the 78% Fibonacci level.
> In this case, if it doesn’t break the 50% Fibonacci level, the range-bound market will likely continue as usual.
Pattern Structure:
For pattern traders, there is a forming bearish Head and Shoulders pattern. If you have confidence in this pattern, you can use it as well.
Market Overview
The global and local markets are still maintaining their consolidation phase with a bullish outlook, supported by the Dow Jones. Today, the market may open with a neutral to slightly gap-down start, as the SGX Nifty indicates a negative 10-point move as of 8:00 AM.
There have been no significant changes, and both Nifty and Bank Nifty are maintaining their consolidation structure. What about today? Simply put, it might continue in the same way. However, we need to observe how it continues this structure and whether it takes the next move.
Nifty
Current View:
The basic structure suggests that if the market opens with a gap-up or if it finds support around the 38% Fibonacci level on the downside, the range-bound market is likely to continue. After that, if it breaks the range to the upside, the next target could be the minor supply zone.
Alternate View:
The alternate view suggests that if the correction takes a sharp decline and consolidates or breaks the 50% Fibonacci level, it could fall further to the level of 25119 or the 78% Fibonacci level.
> In this case, if it doesn’t break the 50% Fibonacci level, the range-bound market will likely continue as usual.
Pattern Structure:
For pattern traders, there is a forming bearish Head and Shoulders pattern. If you have confidence in this pattern, you can use it as well.
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