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#Nifty directions and levels for September 17th.Good morning, friends! 🌞 Here are the market directions and levels for September 17th. Market Overview: Global markets continue to show a moderately bullish trend, as indicated by the Dow Jones, and this sentiment is reflected in our local market as well. Today, the market is expected to open with a gap-up, with SGX Nifty suggesting a positive move of around +30 points as of 8 AM. Current view: There haven't been any significant changes in the previous sentiment, so I'll explain it simply. Nifty is showing a moderately bullish structure, which means consolidation. If the market rejects around the immediate resistance, it may continue this sentiment. A solid rally is expected only if the immediate resistance is broken convincingly. Alternate view: Alternatively, if the market starts negatively, the demand zone will act as strong support. If the market finds support there, it could form a range between the previous high and the downside demand zone. A deeper correction is expected only if the demand zone is broken convincingly.
NSE:NIFTY
by Manickamtraders
#Nifty directions and levels for September 16th.Good morning, friends! 🌞 Here are the market directions and levels for September 16th. Market Overview: Global markets are showing a moderately bullish trend, as indicated by the Dow Jones, and this sentiment is reflected in our local market as well. Moreover, today’s market is expected to open with a gap-up, with SGX Nifty indicating a positive move of around +50 points as of 8 AM. Nifty: Current View: There haven't been any major changes to the market sentiment since the previous session, as Nifty closed with consolidation. Structurally, this suggests we could be in the 4th wave. Now, if the market opens with a gap-up and sustains it, we can expect a 5th impulse wave. The targets for this wave are likely between 25,452 and 25,587. > It’s important to note that the 5th wave is typically a distribution wave. So, if the market breaks the immediate resistance with a strong candle or after some minor consolidation, the rally could extend further, potentially reaching 25,587. On the other hand, if the market reaches the resistance gradually, it may not gain as much momentum, and the maximum level to expect would be 25,492. Alternate View: If the gap-up doesn’t hold or the market declines initially, we may see a correction of around 23% to 38%. Following this, if the market finds support near the 38% Fibonacci level, it could consolidate between this level and the previous high. However, if the market breaks below the 38% level, the next target would be at the 50% Fibonacci level. Still, further correction will only continue if the market decisively breaks below the 50% Fibonacci level.
NSE:NIFTY
by Manickamtraders
4
13 Sep 2024  Stance changed to Bullish, surprising breakouts N50Nifty Stance Bullish ️⬆️ Nifty moves an amazing 474pts ~ 1.91% during the week 9th to 13th September and upgrades its stance from neutral to bullish. Of these 438pts ~ 1.75% surge came on 12th Sep and between 13.30 to 14.51.  12th Sep was an expiry day and I had shorted 25250 at 3.50 and luckily squared off for Rs1.1 around 1.33 PM. This same strike went upto Rs175 and then closed in the money. Sometimes, luck plays on your side as well. We have a new ATH of 25433 and the market has huge relative strength to keep going up, no one is able to predict where the top will be and the bears are feeling sorry for themselves. On the 13th, markets consolidated, and it was a good day for nondirectional traders.  We have revised our stance to bullish but do not expect it to surpass 25800 this weekly series.
NSE:NIFTYLong
by viswaram
#Nifty Directions and Levels for the 3rd Week of September.Global Market Overview: In the previous week, the global market experienced a solid pullback; however, the structure still indicates a range-bound market. What about this week? Structurally, if the market breaks the previous high, we can expect a continuation of the rally. On the other hand, if the market faces rejection around the previous high, the range is likely to continue. However, there are many important events this week, such as Retail Sales, Industrial Production, Building Permits, the Fed Interest Rate Decision, FOMC Economic Projections, and the Fed Press Conference. So, this week might be crucial, and we could expect heightened volatility. Our Market: In the previous week, our market mirrored the global sentiment. Both Nifty and Bank Nifty experienced strong pullbacks, and structurally, this could continue into this week. However, we might see some consolidation in the middle of the week. Let’s break it down further by looking at the charts. While Nifty and Bank Nifty have similar structures, their wave counts differ. Nifty: Current View: If this week begins positively, we could see resistance around the 25492 to 25587 levels. If the market gets rejected here, we can expect a minor retracement of 23% to 38% in the swing. After that, if the market finds support there(around 38%), the rally could continue, with potential targets of 25692 to 25853. This is our primary scenario. Alternate View: In the alternate scenario, if the market starts negatively or faces rejection around the immediate resistance, we can expect a 38% correction. (It’s important to note that the retracement points differ from the current view.) after that If the market breaks this level decisively, we can expect the correction to extend to at least 78% to the swing low. However, if it doesn't break the 38% level, the bullish bias could be maintained.
NSE:NIFTY
by Manickamtraders
2
Nifty Market Update: Symmetric Triangle Pattern in FormationOn September 12, 2024 (Today), NSE:NIFTY opened with a gap-up of more than 100 points, showing early bullish momentum. The index is now trading within a range and appears to be forming a symmetric triangle pattern, indicating potential breakout action. Key levels to watch are the day’s support at 24,978.20 and at 24884.85 and resistance at 25,141.15. A breakout above or below these levels could set the tone for the next trend. Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always consult a professional before making trading / investment decisions.
NSE:NIFTY
by Stable_Logic
1
#Nifty directions and levels for September 11th.Good morning, friends! 🌞 Here are the market directions and levels for September 11th. Market Overview: Global markets are maintaining a moderately bearish trend, as indicated by the Dow Jones, while our local market has a moderately bullish sentiment. However, today, the market may open neutral to slightly gap-down, as SGX Nifty is indicating a negative move of around -30 points at 8 AM. In the previous session, Nifty had a solid pullback, but Bank Nifty behaved differently, as it didn't pull back as much. Today’s basic structure suggests a minor correction, which we can analyze in the charts. Nifty: In the previous session, Nifty closed more or less at the same level it opened, even though there was a long pullback. This is what we usually refer to as range-bound market movement. The market remains in a range. What about today? > If the gap-down sustains, we can expect a 50% to 61% correction in the minor swing, potentially forming a three-wave structure. > A solid correction is expected only if it breaks the 61% level. If it does, then the next target is 78% and 24834. On the other hand, if it doesn't break, the market will likely form a minor range between the previous day’s high and the 61% downside level. Alternate View: An alternate scenario suggests that if the market opens with a gap-up or if the initial movement is a solid pullback, it may reach the 78% Fibonacci level, especially if it breaks the previous day’s high. > In this case, if it doesn't break the previous high, the market may consolidate around that level.
NSE:NIFTY
by Manickamtraders
#Nifty directions and levels for September 10th.Good morning, friends! 🌞 Here are the market directions and levels for September 10th. Market Overview: Global markets are showing a moderately bearish trend, as indicated by the Dow Jones, and our local market reflects a similar sentiment. However, today, the market may open with a gap-up, as SGX Nifty is indicating a positive move of around +45 points at 8 AM. Nifty and Bank Nifty are showing slightly different. Bank Nifty had a strong pullback in the previous session, but Nifty did not. Typically, when the market breaks the 38% Fibonacci level after a sharp decline, it suggests a range-bound market. So, today might see some consolidation, which we can track on the charts. Nifty: Current View: > If the market sustains the gap-up, we can expect the next target to be the 61% Fibonacci level on the upside. After that, if it consolidates there or breaks it then the rally will likely continue. > On the other hand, if it rejects this level, the market might close near today’s opening level. Alternate View: > Alternatively, if the gap-up doesn’t sustain or if the market rejects around the 50% resistance level, it may retrace to a minimum of 38% in the minor swing. However, the correction will only continue if it breaks the 38% Fibonacci level. If that happens, we can expect the next corrective target to be 50% and 78% in the minor swing. > on the other hand, If the rejection doesn’t break the 38% Fibonacci level, the market may consolidate between the previous high and the 38% Fibonacci level. > In this case, if it breaks the previous high after consolidation, we can follow the pullback.
NSE:NIFTY
by Manickamtraders
#Nifty directions and levels for September 9th.Good morning, friends! 🌞 Here are the market directions and levels for September 9th. Market Overview: Global markets are showing a bearish trend, as indicated by the Dow Jones, and our local market reflects a similar sentiment. However, today, the market may open with a gap down, as SGX Nifty is indicating a negative move of around -80 points. Both Nifty and Bank Nifty experienced a solid correction in the previous session. Structurally, we can expect today's movement to shift from correction to consolidation, and we can check the charts to see how this is likely to unfold since both Nifty and Bank Nifty are showing the same sentiment. Nifty: Current View: Gift Nifty is indicating a negative start, but when we look at the wave structure, we can see a 5th sub-wave within the 3rd wave (minor swing). Structurally, further long correction seems less probable, so if the market faces rejection around the immediate support level, we may see a bounce back of 23% to 38% in the minor swing. According to the wave structure, this bounce back could be the 4th wave. This is our first scenario. Alternate View: If the correction doesn't result in a pullback or if the market breaks the immediate support level decisively, the 3rd wave could extend further to levels between 24,717 and 24,672. > In this case, we should focus on the structure, as the 5th wave is a distribution wave. If the market breaks the support level with a solid candle or consolidates around it, the correction will likely continue further. However, if the market approaches the support level gradually, it may not fall significantly.
NSE:NIFTY
by Manickamtraders
#Nifty Directions and levels for the 2nd Week of S Global Market Overview Last week, the global market had four red candles, which suggests that the negative trend might continue this week as well. But if you ask, "Will this correction go on for two or three more weeks?" my answer is no. The market structure shows that if it keeps correcting, it may find support near the previous low. If that happens, the market could start moving sideways. This is the current global market sentiment. Our Market Both Nifty and Bank Nifty followed the global sentiment last week. Structurally, we can expect further correction. Let’s look at the charts. However, both Nifty and Bank Nifty share the same overall structure. Nifty In Friday’s session, the Dow Jones closed with a solid red candle, so the first session of the week may open negatively. If this occurs, we can expect a correctional target of the 61% Fibonacci level on the downside. In the meantime, it may consolidate around the 50% level (24716). > In this case, the 61% Fibonacci level serves as a key support zone. After the market reaches this level, we could see a bounce back of about 23% to 28% in the current swing. This is our first scenario.
NSE:NIFTY
by Manickamtraders
#Nifty directions and levels for September 6th.Good morning, friends! 🌞 Here are the market directions and levels for September 6th. Market Overview: The global markets are showing a moderately bearish trend, as indicated by the Dow Jones. Our local market also reflects a similar sentiment. However, today, the market may open with a gap-down, based on SGX Nifty’s negative indication of around -80 points. Both Nifty and BankNifty have been maintaining a range-bound sentiment. Will this continue today as well? The probability is high; however, we will need to confirm by checking the charts. Nifty: Current view: The market is still trading within a range, so we should wait for a proper range breakout even if it opens with a gap-down. If the market opens gap-down, we can expect immediate targets are the 78% Fibonacci level to the minor demand zone. After reaching this area, if the market consolidates or breaks solidly, the correction will likely continue toward lower levels of 24998 to 25037. That means we can expect the correction or next move only if it breaks the immediate support level. This is our first scenario. Alternate view: On the other hand, if the market shows a strong pullback initially or if it rejects the immediate support level, it might try to maintain the range-bound structure. In this case, we could expect a bounce back of around 38% to 61% in the minor swing.
NSE:NIFTY
by Manickamtraders
5
#Nifty directions and levels for September 5th.Good morning, friends! 🌞 Here are the directions and levels for September 5th. Market Overview The global markets are maintaining bearish pressure, as indicated by the Dow Jones. Our local market has been showing a moderately bullish sentiment. However, based on a 90-point positive signal from GiftNifty, we may see the market open with a gap-up today. Both Nifty and BankNifty have been range-bound. What about today? It’s likely that the range will continue, but let’s take a look at the charts. Nifty Current View If the market opens with a gap-up, the 78% level will act as crucial resistance. If it consolidates or breaks this level, we can expect the next targets to be a minimum of 25,333 to 25,366. This is our first scenario. Alternate Scenario On the other hand, if the market rejects the 78% level or takes a sharp decline initially, the range-bound market is likely to continue. The expected targets would be a minimum of 38% to 61% of the minor swing.
NSE:NIFTY
by Manickamtraders
Nifty Intraday Support & Resistance Levels for 05.09.2024On Wednesday, Nifty opened with a gap down, breaking below the 30m demand zone and hitting a low of 25083.80. However, it recovered by the end of the day, closing at 25198.70. Both the weekly and daily trends (50 SMA) remain positive. As of now, GIFT NIFTY is trading 90 points higher, indicating the possibility of a gap-up opening today. Support Levels: Near Demand/Support Zone (Daily): 24964 - 25052 Near Demand/Support Zone (Daily): 24771 - 24859 Resistance Levels: Near Supply/Resistance Zone (15m): 25260 - 25285
NSE:NIFTY
by PriteshPalan
#Nifty directions and levels for September 4th.Good morning, friends! 🌞 Here are the directions and levels for September 4th. Market Overview The global market experienced a significant decline in the previous session, structurally indicating a bearish sentiment (based on the Dow Jones). Our local market has been maintaining a moderately bullish sentiment. However, today the market may open with a significant gap-down based on the GIFT Nifty's 200-point negative indication. I have shared a basic Elliott Wave structure. If the market opens with a long gap-down, then both Nifty and Bank Nifty will react in line with one of the following two variations. Let’s take a look: Nifty Current View: If the market opens with a long gap-down, Nifty may find support around the 78% Fibonacci level or a minor demand zone. If this happens, we can expect a 23% to 38% minor bounce back. This bounce back could be part of a sub-wave 4, which is a consolidation wave. Once this consolidation breaks to the downside, we can expect the 5th correctional wave. This is our basic structure. Alternate View: The alternate view suggests that the market is currently in a range-bound phase, so it may try to maintain its range even if it opens with a long gap-down. If the market takes a solid pullback and breaks the 38% Fibonacci level in the minor swing, it will likely continue in the range-bound structure. This is our alternate variation.
NSE:NIFTY
by Manickamtraders
#Nifty directions and level for September 3rd.Good morning, friends! 🌞 Here are the directions and levels for September 3rd. Market Overview The global and local markets are still maintaining their consolidation phase with a bullish outlook, supported by the Dow Jones. Today, the market may open with a neutral to slightly gap-down start, as the SGX Nifty indicates a negative 10-point move as of 8:00 AM. There have been no significant changes, and both Nifty and Bank Nifty are maintaining their consolidation structure. What about today? Simply put, it might continue in the same way. However, we need to observe how it continues this structure and whether it takes the next move. Nifty Current View: The basic structure suggests that if the market opens with a gap-up or if it finds support around the 38% Fibonacci level on the downside, the range-bound market is likely to continue. After that, if it breaks the range to the upside, the next target could be the minor supply zone. Alternate View: The alternate view suggests that if the correction takes a sharp decline and consolidates or breaks the 50% Fibonacci level, it could fall further to the level of 25119 or the 78% Fibonacci level. > In this case, if it doesn’t break the 50% Fibonacci level, the range-bound market will likely continue as usual. Pattern Structure: For pattern traders, there is a forming bearish Head and Shoulders pattern. If you have confidence in this pattern, you can use it as well.
NSE:NIFTY
by Manickamtraders
Nifty Intraday Support & Resistance Levels for 03.09.2024On Monday, Nifty opened with a gap up, hitting a new all-time high of 25333.65, which was also the open and high for the day, before closing at 25278.70. The weekly trend (50 SMA) is overbought, while the daily trend (50 SMA) remains positive. Support Levels: Near Minor Demand/Support Zone (30m): 25117 - 25165 Near Demand/Support Zone (15m): 25003 - 25047 Near Demand/Support Zone (Daily): 24771 - 24859 Near Demand/Support Zone (125m) for Weekly Trade: 24543 - 24605 Far Demand/Support Zone (75m) for Weekly Trade: 24204 - 24340 As of now, there are no supply zones visible on the chart.
NSE:NIFTY
by PriteshPalan
Nifty Intraday Support & Resistance Levels for 02.09.2024On Friday, Nifty opened with a gap up, reaching a new all-time high of 25268.35 before closing at 25235.90. The weekly trend (50 SMA) has shifted from positive to overbought, while the daily trend (50 SMA) remains positive. Support Levels: Near Minor Demand/Support Zone (15m): 25003 - 25047 Near Demand/Support Zone (Daily): 24771 - 24859 Near Demand/Support Zone (125m) for Weekly Trade: 24543 - 24605 Far Demand/Support Zone (75m) for Weekly Trade: 24204 - 24340 Currently, there is no supply zone visible on the chart.
NSE:NIFTY
by PriteshPalan
#Nifty directions and levels for August 30th.Good morning, friends! 🌞 Here are the directions and levels for August 30th. Market Overview The global and local markets are still maintaining their current sentiments. Globally, the market is in a consolidation phase with a bullish outlook, supported by the Dow Jones. Locally, the market shows a moderately bullish sentiment. Today, the market may open with a neutral to slightly gap-up start, as the SGX Nifty indicates a positive 40-point move as of 8:00 AM. > Both Nifty and Banknifty are still adjusting to their time patterns. Nifty is following an expanding diagonal pattern, while Banknifty is moving within a range. > Currently, Nifty is setting up for its next movement, but Banknifty is not yet aligning with this direction. We can expect a similar sentiment today due to the structural patterns. > However, if Banknifty breaks to the upside decisively, it could lead to a long rally for both Nifty and Banknifty, as Banknifty has been consolidating after a long rally and might be forming a flag pattern. Today's Charts Nifty Current View: The gift Nifty indicates a slightly positive start. If the market opens with a gap-up, it may reach the supply zone on the upside. If the market consolidates there or breaks through the supply zone decisively, the rally is likely to continue. This is our first scenario. However, considering the diagonal pattern, there is also a possibility of rejection. I will outline this in the alternate view. Alternate View: If the market initially declines or experiences a rejection at the supply zone, a correction of 23% to 38% may follow. Should the market break below the 38% Fibonacci level, it could continue in an expanding diagonal structure, with a potential correctional target of 61% to 78%. Conversely, if the 38% Fibonacci level holds, the market may sustain its bullish bias.
NSE:NIFTY
by Manickamtraders
Nifty Intraday Support & Resistance Levels for 29.08.2024On Wednesday, Nifty reached a new all-time high of 25129.60, but profit booking in the last trading hour led to a nearly 100-point drop from the peak, closing at 25052.35. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is sideways. Support Levels: Near Demand/Support Zone (15m): 24988 - 25032 Near Demand/Support Zone (Daily): 24771 - 24859 Near Demand/Support Zone (125m) for Weekly Trade: 24543 - 24605 Far Demand/Support Zone (75m) for Weekly Trade: 24204 - 24340 Resistance Levels: Near Minor Supply/Resistance Zone (15m): 25111 - 25129.60
NSE:NIFTY
by PriteshPalan
#Nifty directions and level for August 29th.Good morning, friends! 🌞 Here are the directions and levels for August 29th. Market Overview The global market is moving in a consolidation structure, and it has a bullish sentiment based on the Dow Jones. Meanwhile, our local market is showing a moderately bullish sentiment. However, today, the market may open with a neutral to slightly gap-down start, as the SGX Nifty indicates a negative 50-point move as of 8:00 AM. In the previous session, again, the situation was that even though the market broke the previous high, it didn't sustain that level in the Nifty. The Bank Nifty's story is totally different; there hasn't been as much of a pullback compared to the Nifty; however, it maintained its range. > So, what about today? The first thing is that Gift Nifty is showing a negative start, which is a slightly negative sign for the previous bullish trend. Because the previous bullish trend was moving diagonally, we can interpret this in two ways: as time adjustment or as a potential reversal. So, if today’s gap-down sustains, then it may go a little further down. I will explain this on the charts—let's jump into them. Nifty Current View: > If the market opens with a gap-down, then it may take a bounce back of 23% to 38% around 24,983 or 24,943. Even if this happens, structurally it won’t sustain. Once it rejects there, then the correction will likely continue. This is our first variation. > In this case, if it consolidates around the immediate support level, the same bearish sentiment will continue. Alternate View: Alternatively, if the initial market takes a solid bounce back and breaks the 38% Fibonacci level in the minor swing, then it may turn into a range market between the previous day's range.
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for August 28th. Currently, Banknifty are moving in a diagonal pattern, which is a time adjustment pattern. This means the market may not rise significantly even if it breaks the previous high. However, it's important to note that if the market breaks this pattern on the downside, a minor correction could occur. Therefore, we should watch the market carefully. Now, let's look at the charts. Current View If the market finds support around the immediate support level or opens with a gap-up, the diagonal pattern is likely to continue. > Specifically, if the market finds support around the immediate support level or opens with a gap-up, it may consolidate between the downside level of 38% and the upside level of 51,460. > In this scenario, if Banknifty experiences a solid pullback and breaks the 51,460 level effectively, it may consolidate around 51,563 for further continuation. This means the rally is likely to continue. This is our first scenario. Alternate Scenario The alternate scenario suggests that if the market breaks the 38% Fibonacci level effectively, we can expect the next correctional targets to be between 50% and 61% on the downside.
NSE:BANKNIFTY
by Manickamtraders
Nifty Intraday Support & Resistance Levels for 28.08.2024On Tuesday, Nifty reached a high of 25073.10, just 5 points shy of its all-time high of 25078.30, before closing at 25017.75. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is sideways. The demand and support zones remain unchanged from the previous post. Support Levels: Near Demand/Support Zone (Daily): 24771 - 24859 Near Demand/Support Zone (125m) for Weekly Trade: 24543 - 24605 Far Demand/Support Zone (75m) for Weekly Trade: 24204 - 24340 No supply zone is currently visible on the chart.
NSE:NIFTY
by PriteshPalan
#Nifty directions and levels for the August 27th.Good morning, friends! 🌞 Here are the directions and levels for August 27th. Market Overview The global market has a bullish sentiment based on the Dow Jones. Meanwhile, our local market also exhibits bullish sentiment. However, today, the market may open with a gap-down start, as the SGX Nifty indicates a negative 40-point move as of 8:00 AM. In the previous session, the Nifty experienced a range breakout, which is structurally a positive sign. But today, the giftnifty indicates a negative start. So, what’s next? > the Nifty has minor consolidation structure followed by a breakout. Structurally, it should not take much of a correction. > Therefore, if the market opens negatively and finds support around the immediate support level, it may continue to consolidate within the previous day’s range. This is our first variation in this case. After that consolidation, if the market breaks the previous day's high, then the rally will likely continue. > An alternate variation suggests that if the gap-down sustains and breaks the 38% Fibonacci level solidly or with some consolidation, the market could potentially move further down to the 61% to 78%.
NSE:NIFTY
by Manickamtraders