#Nifty directions and levels for November 29th.

Hôm kia

Good morning, friends! 🌞 Here are the market directions and levels for November 29th.

Market Overview:

The global market is maintaining a bullish sentiment (based on the Dow Jones only), while our local market shows a moderately bearish sentiment. Today, the market may open with a neutral to slightly gap-up start, as the Gifty Nifty indicates a positive 20 points.

In the previous session, the market started with a positive bias, but this did not sustain, and it fell drastically. If we consider yesterday's structure, there is bearish pressure. However, the overall structure suggests that we might see a time adjustment movement, meaning we can expect a minor pullback and some consolidation today. I will explain this in the chart.

Both Nifty and Bank Nifty are showing similar structural sentiment.

Current View:

The current view indicates that if the market starts neutral or if the initial market takes a pullback, we can expect a minimum pullback of 38% to 50%. Structurally, it could reject there. If that happens, we can expect some consolidation between the previous low and the pullback high. This is the basic structure,

> but the notable point is the 38% Fibonacci level. the 38% Fibonacci level is critical because sharp corrections typically struggle to decisively break this level. Therefore, if the market pulls back but then breaks the previous low without breaching the 38% Fibonacci level, the correction is likely to continue, making this a key area to watch.

Alternate View:

The alternate view suggests that if the initial market declines and breaks the previous low, the correction will likely continue to the level of the minor demand zone, which is a support level. However, if it consolidates around there, the correction is likely to continue.