#Nifty directions and levels for November 27th.
Good morning, friends! 🌞 Here are the market directions and levels for November 27th.
Market Overview:
The global markets are showing bullish sentiment (based on the Dow Jones only), and our local market has maintained a moderately bullish sentiment. Today, the market may open with a neutral to slightly gap-up start, based on the Nifty showing a positive 40 points.
There have been no significant changes in the last session. In the previous session, both Nifty and Bank Nifty consolidated after the decline.
What about today?
If you look at the Nifty structure, there is consolidation after the long rally. Structurally, it may continue further until it breaks the consolidation range. If it breaks either to the upside or downside, we can follow that direction. This is the basic structure; let's look at it on the chart.
Nifty Current View:
Even if the market opens with a gap-up, it could decline initially. If this happens, the range market will continue between the previous high and the demand zone. In this case, if it breaks the demand solidly, then 24006 will act as strong support.
Alternate View:
The alternate scenario suggests that if the market sustains the gap-up and breaks the 24303 level, we can expect further pullback continuation to the 38% Fibonacci level. This is a major resistance. After the rally, if it rejects there, we can expect a minimum correction of 23% to 38% in the minor swing. On the other hand, if it sustains or breaks this level(38%), then the rally will likely continue.
Market Overview:
The global markets are showing bullish sentiment (based on the Dow Jones only), and our local market has maintained a moderately bullish sentiment. Today, the market may open with a neutral to slightly gap-up start, based on the Nifty showing a positive 40 points.
There have been no significant changes in the last session. In the previous session, both Nifty and Bank Nifty consolidated after the decline.
What about today?
If you look at the Nifty structure, there is consolidation after the long rally. Structurally, it may continue further until it breaks the consolidation range. If it breaks either to the upside or downside, we can follow that direction. This is the basic structure; let's look at it on the chart.
Nifty Current View:
Even if the market opens with a gap-up, it could decline initially. If this happens, the range market will continue between the previous high and the demand zone. In this case, if it breaks the demand solidly, then 24006 will act as strong support.
Alternate View:
The alternate scenario suggests that if the market sustains the gap-up and breaks the 24303 level, we can expect further pullback continuation to the 38% Fibonacci level. This is a major resistance. After the rally, if it rejects there, we can expect a minimum correction of 23% to 38% in the minor swing. On the other hand, if it sustains or breaks this level(38%), then the rally will likely continue.
Disclaimer
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