#Nifty directions and levels for January 6th, Monday:

2 days ago

Good Morning, Friends! 🌞

Here are the market directions and levels for January 6th, Monday:

Market Overview:

The global market is maintaining a moderately bearish sentiment (based on the Dow Jones), while our local market is also showing a moderately bearish sentiment. Today, the market may open with a neutral to slightly gap-up start, based on the Gift Nifty showing an 80-point positive start.

In the previous session, Nifty and Bank Nifty experienced a minor decline. However, the structures indicate a range-bound market, so until the range is broken, we shouldn't expect directional movement. Let’s look at the charts.

Nifty Current View:

The current view for Nifty suggests that if the market opens with a gap-up, 24072 will act as a resistance. This means that until this level is broken, the market will maintain a bearish bias. However, if it breaks 24072, then we can expect a minimum target of 24173, which is also a major resistance level.

> After reaching 24173, if it consolidates or breaks this level, we can expect further continuation of the pullback. Conversely, if it rejects this level, the range is likely to continue. This is the basic structure.

Alternate View:

An alternate scenario suggests that if the gap-up doesn't sustain and breaks the 38% mark on the downside, the correction will likely continue to the 50% mark. Based on the correction structure, if the correction has a solid structure, it will likely continue to 78%. Conversely, if it reaches 50% with gradual movements, we can expect a minor pullback.