#Nifty directions and levels for January 7th, Tuesday:
Good Morning, Friends! 🌞
Here are the market directions and levels for January 7th, Tuesday:
Market Overview:
The global market is maintaining a moderately bearish sentiment (based on the Dow Jones), while our local market is has a bearish sentiment. Today, the market may open with a neutral to slightly gap-up start, based on the Gift Nifty showing an 70-point positive start.
In the previous session, Nifty and Bank Nifty experienced a solid correction. what about next? even if it opens with gap-up start we can expect correction once if it rejects around the 38% mark. because if it takes pullback strucutrelly it couold be a 4th wave, 4th its a consolidation wave and the upcoming wave is 5th, 5th its a distribution wave so as per the structure the moment might be decrese during the 4th and 5th wave. lets look at the structure.
Nifty Current View:
The current view saying if the market opens with gap-up and its sustains then it could take 23 to 38% pullback in the minor swing. and structurally it could be a 4th wave. The 4th wave is a three-wave structure, and it could also be a consolidation wave. the 4th wave usually doesn't break the 38% Fibonacci level. so once its started to reject there then we can expect correction. this is the basic structure. However, if the market experiences a strong pullback, it could reach the 50% mark.
Alternate View:
An alternate scenario suggests that if the gap-up doesn't sustain and breaks the previous low then we can expect correction to the level of 23460 to demand zone. if this happens we should consider thats a 5th wave. 5th wave its a distribution wave so if it finds support around 23460 or the demand zone. then we can expect min od 23 to 38% pullback in the overall swing.
(before entering the pullback entry pls check some reversal conformation.
Here are the market directions and levels for January 7th, Tuesday:
Market Overview:
The global market is maintaining a moderately bearish sentiment (based on the Dow Jones), while our local market is has a bearish sentiment. Today, the market may open with a neutral to slightly gap-up start, based on the Gift Nifty showing an 70-point positive start.
In the previous session, Nifty and Bank Nifty experienced a solid correction. what about next? even if it opens with gap-up start we can expect correction once if it rejects around the 38% mark. because if it takes pullback strucutrelly it couold be a 4th wave, 4th its a consolidation wave and the upcoming wave is 5th, 5th its a distribution wave so as per the structure the moment might be decrese during the 4th and 5th wave. lets look at the structure.
Nifty Current View:
The current view saying if the market opens with gap-up and its sustains then it could take 23 to 38% pullback in the minor swing. and structurally it could be a 4th wave. The 4th wave is a three-wave structure, and it could also be a consolidation wave. the 4th wave usually doesn't break the 38% Fibonacci level. so once its started to reject there then we can expect correction. this is the basic structure. However, if the market experiences a strong pullback, it could reach the 50% mark.
Alternate View:
An alternate scenario suggests that if the gap-up doesn't sustain and breaks the previous low then we can expect correction to the level of 23460 to demand zone. if this happens we should consider thats a 5th wave. 5th wave its a distribution wave so if it finds support around 23460 or the demand zone. then we can expect min od 23 to 38% pullback in the overall swing.
(before entering the pullback entry pls check some reversal conformation.
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