#Nifty directions and levels for December 17th.
Good morning, friends! 🌞
Here are the market directions and levels for December 17th.
Market Overview:
The global market continues to show moderately bearish sentiment (based on the Dow Jones alone), while our local market is displaying a bullish sentiment. Today, the market may open with a neutral to slightly gap-down start, as the Gift Nifty is indicating a negative 40 points at 8:00 AM.
In the previous session, both Nifty and Bank Nifty saw a minor correction but did not break the 38% Fibonacci level. Therefore, until the support level is broken, the market will maintain its bullish bias. However, if the support is broken, the bullish momentum may turn neutral to bearish. This is the basic structure; let’s analyze this further with the chart.
Both Nifty and Bank Nifty currently share the same structural sentiment.
Nifty Current View:
The current view suggests that if the market initially takes a pullback, it could reach a minimum of 24,752. However, the rally will continue only if the market breaks this level with a solid candle. If it does, we can expect the next targets at 24,818 and 24,857. This is the basic structure.
Alternate View:
The alternate view suggests that if the market sustains the gap-down, the levels 24,559 and 24,531 will act as strong support. If the market finds support here, we can expect a bounce back of at least 38% to 78% in the minor swing.
Conversely, if this support level is broken, the market may fall further to 24,451 and 24,418.
(Note: If you plan to take a position in the bounce back, check for RSI divergence. If divergence occurs, you can enter; if it doesn’t, wait for a 38% Fibonacci breakout in the minor swing. Apply the Fibonacci levels from swing high (24,792) to the upcoming low. Because Range-bound entries can be challenging, and we cannot expect proper swings and in this premium)
Here are the market directions and levels for December 17th.
Market Overview:
The global market continues to show moderately bearish sentiment (based on the Dow Jones alone), while our local market is displaying a bullish sentiment. Today, the market may open with a neutral to slightly gap-down start, as the Gift Nifty is indicating a negative 40 points at 8:00 AM.
In the previous session, both Nifty and Bank Nifty saw a minor correction but did not break the 38% Fibonacci level. Therefore, until the support level is broken, the market will maintain its bullish bias. However, if the support is broken, the bullish momentum may turn neutral to bearish. This is the basic structure; let’s analyze this further with the chart.
Both Nifty and Bank Nifty currently share the same structural sentiment.
Nifty Current View:
The current view suggests that if the market initially takes a pullback, it could reach a minimum of 24,752. However, the rally will continue only if the market breaks this level with a solid candle. If it does, we can expect the next targets at 24,818 and 24,857. This is the basic structure.
Alternate View:
The alternate view suggests that if the market sustains the gap-down, the levels 24,559 and 24,531 will act as strong support. If the market finds support here, we can expect a bounce back of at least 38% to 78% in the minor swing.
Conversely, if this support level is broken, the market may fall further to 24,451 and 24,418.
(Note: If you plan to take a position in the bounce back, check for RSI divergence. If divergence occurs, you can enter; if it doesn’t, wait for a 38% Fibonacci breakout in the minor swing. Apply the Fibonacci levels from swing high (24,792) to the upcoming low. Because Range-bound entries can be challenging, and we cannot expect proper swings and in this premium)
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