#Nifty directions and levels for September 30th.
Good morning, friends! 🌞 Here are the market directions and levels for September 30th.
Market Overview:
The global market has a moderately bullish sentiment, and our local market reflects the same moderately bullish sentiment. Today, the market may open with a gap-down due to the SGX Nifty indicating a negative 80 points.
In the previous session, both Nifty and Bank Nifty closed negatively, and the SGX Nifty also suggests that this trend may continue. Even though the overall structure indicates a negative trend, there are no key points suggesting a substantial continuation of this trend, which is why I have categorized it as a range-bound market. However, if the gap-down solidly breaks the immediate support level, then a correction is likely to continue. Let's analyze this further through the charts.
Nifty Current View:
The current view suggests that if the market finds support around the immediate support level (26073), we can expect a range-bound market between the previous high and the upcoming low. This is our first variation. This sentiment represents a slightly bullish bias, meaning that after this consolidation, if it breaks the previous high, the rally is likely to continue.
Alternate View:
The alternate view indicates that if the gap-down sustains and breaks the immediate support level, then the correction is likely to continue down to the minimum Fibonacci level of 23%
Market Overview:
The global market has a moderately bullish sentiment, and our local market reflects the same moderately bullish sentiment. Today, the market may open with a gap-down due to the SGX Nifty indicating a negative 80 points.
In the previous session, both Nifty and Bank Nifty closed negatively, and the SGX Nifty also suggests that this trend may continue. Even though the overall structure indicates a negative trend, there are no key points suggesting a substantial continuation of this trend, which is why I have categorized it as a range-bound market. However, if the gap-down solidly breaks the immediate support level, then a correction is likely to continue. Let's analyze this further through the charts.
Nifty Current View:
The current view suggests that if the market finds support around the immediate support level (26073), we can expect a range-bound market between the previous high and the upcoming low. This is our first variation. This sentiment represents a slightly bullish bias, meaning that after this consolidation, if it breaks the previous high, the rally is likely to continue.
Alternate View:
The alternate view indicates that if the gap-down sustains and breaks the immediate support level, then the correction is likely to continue down to the minimum Fibonacci level of 23%
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