#Nifty directions and levels for the second week of January:

Nifty
Previous Week Recap:

Last week, Nifty moved in a three-way structure. It started on a negative note, shot up sharply midweek, and ended with a slight decline. Open interest indicates a bearish bias, but it hasn’t fully confirmed. This suggests a moderately bullish bias for now. Let’s examine the charts.

Current View:

If the week starts negatively, Nifty could reach a minimum of 23,624. After that:

* If it consolidates or breaks below this level, the correction may continue.
* However, if it holds above 23,624, it could turn into a range-bound market between the previous high and 23,624.

Alternate View:

If the market finds support around 23,934 and breaks the previous high, it could target 24,559–24,698. This range is a significant resistance, and the rally will continue only if it breaks this level. Otherwise, the market could remain range-bound.

Final Note:

* The US market has several major events this week, so each session may open with fluctuations.
* The local market is entering the earnings season.
* Charts: Both global and local markets are in a range.
* Both Nifty and Bank Nifty have different structures as well as open interest.
Expectation: The market is likely to remain range-bound with a negative bias this week.