#Nifty directions and levels for November 22nd.
Good Morning, Friends! 🌞
Here are the market directions and levels for November 22nd.
Market Overview:
The global markets are showing moderately bullish sentiment (based on the Dow Jones only), while our local market has maintained a bearish sentiment. Today, the market may open with a neutral to slightly gap-up start, based on the Gifty Nifty showing a positive 100 points.
> In the previous session, both Nifty and Bank Nifty experienced a significant fall. However, Bank Nifty had a solid pullback, making the structural setups for both indices different.
What about today?
Looking at Nifty's structure, there is consolidation after a long correction. Usually, this type of structure indicates a trend continuation. On the other hand, Bank Nifty had a solid pullback, suggesting further upward momentum. The gap-up indication from SGX Nifty supports this view.
Thus, both charts are showing different directions. My personal opinion is:
> if the market declines initially, it might decline further, but the momentum will be reduced.
> Conversely, if the market sustains the gap-up, then we can expect a rally continuation, but only if it has a solid candle structure
Let me explain this further with the charts.
Nifty: Current View
As per the structure If the market declines initially, we can expect a correction. However, the best confirmation would come if it breaks yesterday's low with consolidation or a solid candle structure. If this happens, the next target could be a minimum of 23082.
Alternate View:
The alternate scenario suggests that if the market sustains the gap-up and breaks the 38% Fibonacci level with a solid breakout structure, we can expect further pullback continuation with some consolidation. On the other hand, if it breaks the 38% level with gradual movements, it could consolidate between the 50% Fibonacci level and the previous low.
Here are the market directions and levels for November 22nd.
Market Overview:
The global markets are showing moderately bullish sentiment (based on the Dow Jones only), while our local market has maintained a bearish sentiment. Today, the market may open with a neutral to slightly gap-up start, based on the Gifty Nifty showing a positive 100 points.
> In the previous session, both Nifty and Bank Nifty experienced a significant fall. However, Bank Nifty had a solid pullback, making the structural setups for both indices different.
What about today?
Looking at Nifty's structure, there is consolidation after a long correction. Usually, this type of structure indicates a trend continuation. On the other hand, Bank Nifty had a solid pullback, suggesting further upward momentum. The gap-up indication from SGX Nifty supports this view.
Thus, both charts are showing different directions. My personal opinion is:
> if the market declines initially, it might decline further, but the momentum will be reduced.
> Conversely, if the market sustains the gap-up, then we can expect a rally continuation, but only if it has a solid candle structure
Let me explain this further with the charts.
Nifty: Current View
As per the structure If the market declines initially, we can expect a correction. However, the best confirmation would come if it breaks yesterday's low with consolidation or a solid candle structure. If this happens, the next target could be a minimum of 23082.
Alternate View:
The alternate scenario suggests that if the market sustains the gap-up and breaks the 38% Fibonacci level with a solid breakout structure, we can expect further pullback continuation with some consolidation. On the other hand, if it breaks the 38% level with gradual movements, it could consolidate between the 50% Fibonacci level and the previous low.
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