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#Nifty directions and levels for September 12th.Good morning, friends! 🌞 Here are the market directions and levels for September 12th. Market Overview: Global markets are still maintaining 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 +90 points at 8 AM. In the previous session, both Nifty and Bank Nifty had a huge up and down. Structurally, it’s maintaining the range market. What about today? Even though the market closed negative yesterday, SGX Nifty is indicating a positive start today. Simply, it says that the range will continue. Let’s look at the chart. Today, Nifty and Bank Nifty both have the same sentiment. Nifty: Current view: The current view is saying that the market is range-bound, but if the market breaks the level of 25078 solidly or with some consolidation, it will continue to the Fibonacci level of 78% to 25216. This is our first variation. Alternate view: On the other hand, if the gap-up doesn’t sustain or if the market rejects the level at 25078, then it will continue the range further between the previous day’s range. This is our alternate view.
NSE:NIFTY
by Manickamtraders
Nifty Intraday Support & Resistance Levels for 12.09.2024On Wednesday, Nifty hit a high of 25113.70, entering the 30m supply zone mentioned in the previous post, before dropping over 200 points to close at 24918.45. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is sideways. Support Levels: Far Demand/Support Zone (75m): 24678.80 - 24745.50 Far Demand/Support Zone (Daily): 24523 - 24636 Far Support (61.8% FIBO retracement level): 24444 Far Demand/Support Zone (Weekly): 23893.70 - 24367.50 Resistance Levels: Near Supply/Resistance Zone (30m): 25045 - 25114 Far Supply/Resistance Zone (75m): 25127.75 - 25198.60 (tested) Far Supply/Resistance Zone (Daily): 25235.80 - 25321.65
NSE:NIFTY
by PriteshPal
Nifty 50 correction – where will it end?Sep 11, 2024 In our last update on Nifty 50, we predicted that the upward move of B wave should end near 78.6% Fib level, which is the max it would go. The correction of B wave post Zig-zag A retraces anywhere between 38.2% to 78.6%. The B wave followed this rule and ended at 61.8%. After the completion of B wave, we saw the beginning of C wave. Wave C follows the following two rules: -- Wave C is often equal to wave A in length or a Fibonacci ratio of 61.8%, 100%, or 161.8%. Also, Wave C should not be shorter than wave A. As per the above rules and the main characteristics of a Zig-zag correction being that it fits within a channel, the downside target of C wave could be 61.8% Fib level comes to 24,772. If C wave has to touch the bottom of the channel, it would go down by a further 50 to 60 points, so the target could be around 24,725. Also, the C wave would be a 5-wave pattern like the A wave. Let’s see if Nifty 50 follows the rule or not. Share the name of the stock you're interested in, and we'll be more than happy to conduct a thorough analysis for you. Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
NSE:NIFTY
by WaveMoku
#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 Intraday Support & Resistance Levels for 11.09.2024On Tuesday, Nifty opened with a gap up, reaching a high of 25130.50, touching the 75m supply zone mentioned in the previous post. It then fell over 100 points from the top, closing at 25041.10, gaining 104 points from the previous day's close. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is sideways. Support Levels: Near Demand/Support Zone (30m): 24908 - 24961 Far Demand/Support Zone (75m): 24678.80 - 24745.50 Far Demand/Support Zone (Daily): 24523 - 24636 Far Support: 24444 (61.8% FIBO retracement of the last rally) Far Demand/Support Zone (Weekly): 23893.70 - 24367.50 Resistance Levels: Near Supply/Resistance Zone (30m): 25095.45 - 25130.50 Far Supply/Resistance Zone (75m): 25127.75 - 25198.60 (tested) Far Supply/Resistance Zone (Daily): 25235.80 - 25321.65
NSE:NIFTY
by PriteshPal
#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 Intraday Support & Resistance Levels for 10.09.2024On Monday, Nifty opened with a gap down, breaking below the near-demand zone but recovered to close at 24936.40. If Nifty breaks below Monday's low of 24753, we might see a decline toward 24636 or lower. On the upside, the major resistance zone is at 25128. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is sideways. Support Levels: Near Demand/Support Zone (Daily): 24523 - 24636 Far Support: 24444 (61.8% FIBO retracement level of the last rally) Far Demand/Support Zone (Weekly): 23893.70 - 24367.50 Resistance Levels: Near Supply/Resistance Zone (5m): 25049 - 25084 Far Supply/Resistance Zone (75m): 25127.75 - 25198.60 Far Supply/Resistance Zone (Daily): 25235.80 - 25321.65
NSE:NIFTY
by PriteshPal
#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 50: Critical Support Zone at 24,460 The market is currently hovering near key Fibonacci retracement levels, with 24,460 acting as a strong support zone. This area aligns with the 0.618 Fibonacci retracement from the recent rally, providing a significant level for buyers to potentially step in. The market has already tested the 38.2% retracement level and held above it. Key Scenarios: Gap-Down Scenario: If the market opens with a gap down near the 24,500 level, we may witness a bounce-back, leading to a green candle that could move towards the current closing price. The 24,460 support level is expected to hold, making this a critical area for a potential reversal. Flat or Slight Gap-Down Opening: Should the market open flat or with a small gap-down, we could see a red candle that may extend to the 24,460 level. This would likely be the lowest point before buyers step in, supported by both the 0.618 retracement and the rising trendline visible on the chart. Gap-Up Scenario: If the market gaps up and holds the current closing price (24,857.50), there’s a possibility of testing the 25,000 level. A successful breakout above this could signal further momentum, potentially leading to a rally towards 25,600. Conclusion: The 24,460 zone remains a strong support level, while 25,000 acts as the next major resistance. A break above 25,000 could initiate a continuation toward 25,600, while a gap down will test the 24,460 support and it should most likely hold if nothing worse happens around the world. Disclaimer: This idea is presented solely for educational purposes and should not be considered financial or trading advice.
NSE:NIFTY
by strategystack
#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 Intraday Support & Resistance Levels for 09.09.2024On Friday, Nifty opened a gap down due to negative global cues and heavy selling pressure, breaking the near-daily demand zone and entering the far-daily demand zone mentioned in the previous post. It closed at 24852.15, losing 293 points. If Nifty does not sustain above 24771, we may see a further decline towards 24523 - 24636 or even lower. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) has shifted from positive to sideways. Support Levels: Near Demand/Support Zone (Daily): 24771 - 24859 (current price inside this zone) Far Demand/Support Zone (Daily): 24523 - 24636 Far Support (61.8% FIBO Retracement Level): 24444 Far Demand/Support Zone (Weekly): 23893.70 - 24367.50 Resistance Levels: Near minor Supply/Resistance Zone (15m): 24916 - 24959 Far Supply/Resistance Zone (5m): 25049 - 25084 Far Supply/Resistance Zone (75m): 25127.75 - 25198.60 Far Supply/Resistance Zone (Daily): 25235.80 - 25321.65
NSE:NIFTY
by PriteshPal
Nifty weekly analysis for 09/09/2024.The index after a long time has given some momentum on intraday basis and closed below the psycological number of 25k. A bearish engulfing candle on the weekly time frames shows some weakness on the charts. If the market starts trading below the 24800 levels, there are chances of testing lower levels. Hourly 200 ema is also around the support zone, while the daily candle closed below the 20 ema. Major support levels :- 25800, 24600, 24230 Resistance levels :- 24960, 25100 The level and the pattern formed around it shows a significant bearish upcoming move in the market. There are chance of market testing the lower levels as the market cycle seems to chance. Wait for the price action near the levels before entering the market.
NSE:NIFTY
by Mambotrade
06 Sep 2024 - Nifty loses 380 pts, will Bear attack start now ?Nifty Stance Neutral ➡️ Nifty has only fallen 379.95pts ~ 1.5% this week and it is pretty early to go bearish, but the structure gives a lot of hope for a bear attack. You all might agree that we are in an overvalued territory, even if we fall 20%, we might still be overvalued. If you look at the daily candle, a strong double top is forming. For conclusive evidence, the markets have to trade below 24086, which is 3.2% lower than the current levels.  US markets fell last week and have a better-looking double top than ours. Again for conclusive evidence, we may need SPX to trade below 5137 which is like 5% below current levels. I am maintaining a neutral stance and would like to go short if 24537 is getting taken out next week. Personally, I do not see us dropping below 24200 this week (I have short positions @ 24200 PE and may have to run for cover if we test those levels by Tuesday).
NSE:NIFTY
by viswaram
#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 PriteshPal