#Nifty directions and levels for September 27th.

20 hours agoGood morning, friends! 🌞 Here are the market directions and levels for September 27th.

Market Overview:

There have been no significant changes in the global and local markets; both maintain a bullish bias. Today, the market is expected to open neutral to slightly negative, with SGX Nifty indicating a negative of around -20 points as of 8 AM.

In the previous session, the market had a minor movement in the second half. Structurally, it still maintains a bullish bias. So even if the market starts negatively today, the bullish momentum might continue. However, if the initial market declines sharply, we should follow that; let’s look at this in the charts.

Nifty and Bank Nifty both share the same sentiment.

Nifty Current View:

The current view indicates that if the market opens with a gap-up or if the initial market takes support around the Fibonacci level of 38%, then the rally will continue if it breaks the previous high. Until then, it could consolidate between the previous high and the Fibonacci level of 38%. This is our first scenario.

Alternate View:

The alternate view suggests that if the initial market breaks the Fibonacci level of 38% solidly, then the trend will turn into a minor correction phase. If this happens, we can expect correctional targets between 50% and 78% in the minor swing.