#Nifty directions and levels for September 23rd.Good morning, friends! 🌞 Here are the market directions and levels for September 23rd.
Market Overview:
Global markets are showing a bullish trend, as indicated by the Dow Jones, while our local market also has a bullish outlook. Today, the market is expected to open with a gap up, with SGX Nifty suggesting a positive move of around +110 points as of 8 AM.
Nifty and Bank Nifty reflect the same sentiment. In the previous session, both closed with solid green candles, and Gift Nifty is indicating a positive start of 100 points, so a continuation of the rally could be expected today. However, the structure is indicating a diagonal formation, so if it faces rejection around the immediate resistance, it may lead to a correction. Let's take a look at the charts.
Nifty:
Current View:
The current outlook suggests that if the market sustains the gap-up structurally, we can expect a continuation of the rally with some consolidation.
> However, it's uncertain where this consolidation will occur—either around the supply zone or at 25,978.
> Notably, there are three waves bending. If the first pullback rejects around the supply zone, then the second wave could consolidate there. Once it breaks, the third pullback could reach between 25,978 and 26,034.
> Conversely, if it breaks the supply zone solidly, the first rejection may occur at 25,978 or 26,034.
Alternate View:
The alternate view indicates that if the market experiences a sharp rejection around the immediate resistance, it could see a minimum of 23% to 38% during the minor swing. If it breaks below 38%, then the correction may continue to 50% to 78%.
