#Nifty directions and levels for September 11th.
Good morning, friends! 🌞 Here are the market directions and levels for September 11th.
Market Overview:
Global markets are maintaining a moderately bearish trend, as indicated by the Dow Jones, while our local market has a moderately bullish sentiment. However, today, the market may open neutral to slightly gap-down, as SGX Nifty is indicating a negative move of around -30 points at 8 AM.
In the previous session, Nifty had a solid pullback, but Bank Nifty behaved differently, as it didn't pull back as much. Today’s basic structure suggests a minor correction, which we can analyze in the charts.
Nifty:
In the previous session, Nifty closed more or less at the same level it opened, even though there was a long pullback. This is what we usually refer to as range-bound market movement. The market remains in a range. What about today?
> If the gap-down sustains, we can expect a 50% to 61% correction in the minor swing, potentially forming a three-wave structure.
> A solid correction is expected only if it breaks the 61% level. If it does, then the next target is 78% and 24834. On the other hand, if it doesn't break, the market will likely form a minor range between the previous day’s high and the 61% downside level.
Alternate View:
An alternate scenario suggests that if the market opens with a gap-up or if the initial movement is a solid pullback, it may reach the 78% Fibonacci level, especially if it breaks the previous day’s high.
> In this case, if it doesn't break the previous high, the market may consolidate around that level.
Market Overview:
Global markets are maintaining a moderately bearish trend, as indicated by the Dow Jones, while our local market has a moderately bullish sentiment. However, today, the market may open neutral to slightly gap-down, as SGX Nifty is indicating a negative move of around -30 points at 8 AM.
In the previous session, Nifty had a solid pullback, but Bank Nifty behaved differently, as it didn't pull back as much. Today’s basic structure suggests a minor correction, which we can analyze in the charts.
Nifty:
In the previous session, Nifty closed more or less at the same level it opened, even though there was a long pullback. This is what we usually refer to as range-bound market movement. The market remains in a range. What about today?
> If the gap-down sustains, we can expect a 50% to 61% correction in the minor swing, potentially forming a three-wave structure.
> A solid correction is expected only if it breaks the 61% level. If it does, then the next target is 78% and 24834. On the other hand, if it doesn't break, the market will likely form a minor range between the previous day’s high and the 61% downside level.
Alternate View:
An alternate scenario suggests that if the market opens with a gap-up or if the initial movement is a solid pullback, it may reach the 78% Fibonacci level, especially if it breaks the previous day’s high.
> In this case, if it doesn't break the previous high, the market may consolidate around that level.
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