#Nifty directions and levels for December 13th.Good morning, friends! 🌞 Here are the market directions and levels for December 13th.
Market Overview:
The global market is showing moderately bearish sentiment (based on the Dow Jones only), while our local market also exhibits a moderately bearish sentiment. Today, the market may open with a slightly gap-down start, as the Gift Nifty is showing a negative 90 points at 8:00 AM.
In the previous session, both Nifty and Bank Nifty closed in negative territory, and the Gift Nifty is also maintaining this sentiment, showing a 90-point negative start
What can we expect next?
> If we take note of the previous movements, we see a range-bound structure.
> However, my expectation is that if the market sustains the decline and consolidates, we can expect a continuation of the correction because the RSI is showing a bearish bias.
> The range will continue only if it pulls back from the initial movement and breaks the 38% Fibonacci level in the minor swing. If that happens, it will re-enter the range. This is the basic structure; let’s look at this in the charts.
Nifty Current View:
The current view suggests that if the market opens with a gap-down, it could reach a minimum of 24,416. After that, if it sustains or breaks the level of 24,416, then the correction will continue to the minor demand zone. Usually, both levels are major support in a range-bound market, so if it finds support there, we can expect a minimum bounce back of 23% to 38% in the minor swing. This is the basic structure.
Alternate View:
The alternate view suggests that if the market takes a solid pullback around the immediate support level and breaks the 38% level in the minor swing, it could re-enter the range-bound market, which means we can expect targets of a minimum of 78% to the channel top. This also indicates that until it breaks the 38% level, it could remain a bearish market.
