Good morning, friends! 🌞 Here are the market directions and levels for November 13th.
Market Overview:
The global market is showing moderately bearish sentiment (based on Dow Jones only), and our local market is exhibiting a bearish sentiment as well. Today, the market may open with a neutral to slightly gap-down start, based on the Gifty Nifty showing a negative 30 points.
In the previous session, both Nifty and Bank Nifty experienced a solid correction. Structurally, we can expect a further slight correction, and the sub-wave analysis supports this. Currently, on the other hand, we are at the bottom of the range. Additionally, the RSI shows divergence, indicating a probability for a bounce back. Let’s explain this in the chart.
Both Nifty and Bank Nifty have the same structural sentiment.
Current View:
The current view suggests that if the market sustains the gap-down, it could experience a minor bounce back around MDZ. However, this would only be a minor bounce back; after that, if it breaks the previous bottom, then the correction is likely to continue.
Alternate View:
The alternate view indicates that if the market opens with a gap-up, or if the initial market takes a solid pullback and breaks the 20 EMA, it may hold a range-bound sentiment. This means the market could move to the top of the range. Targets are expected to be a minimum of 38% to 78% of the swing.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.