#Nifty directions and levels for January 23rd:Good Morning, friends! 🌞
Here are the market directions and levels for January 23rd:
Market Overview:
There have been no significant changes in the global markets, as they are still maintaining a bullish sentiment (based on the Dow Jones). However, our local market shows a bearish sentiment.
In the previous session, both Nifty and Bank Nifty experienced high volatility again, but the two indices reacted differently. My personal opinion is that there is still a noticeable difference between the Nifty and Bank Nifty charts.
For Bank Nifty, it broke the previous low yesterday, which suggests that the correctional bending sub-wave might have ended. Even if it opens with a gap-down today, we can expect some consolidation within the previous day’s range.
However, Nifty still shows correctional sub-waves in progress, which could push it slightly downward. Therefore, we should approach the market cautiously.
Overall, today’s market may remain range-bound. If the market moves in a single direction, trading is easier, but due to differing sentiments, traders may dominate one another, creating a tug-of-war scenario.
Let’s dive into the charts for further details.
Nifty Current View:
According to the current structure, if the gap-down sustains and breaks the 38% mark solidly, we can expect the continuation of the correction. The targets are expected to be between 23022 and 22944 if it breaks the 38% mark.
Alternate View:
The alternate view suggests that if the gap-down does not sustain or if the market finds support around the 38%, we can expect some consolidation between the 38% and the upside 78% mark.
