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#Nifty directions and level for September first week.Nifty and Bank Nifty Directions for the First Week of September Global Market Overview The global market hasn't changed much and continues to trade within a range, so the overall sentiment remains positive. However, there are a few events this week that need to be monitored closely. Our Market: In the previous week, both Nifty and Bank Nifty closed with positive candles, suggesting that this momentum may continue this week. Meanwhile, there are no major events in our local market, which could indicate that there might not be significant moves on the downside. However, we should check the charts for more clarity. Nifty: In the previous week, Nifty moved solidly, but most of the gains occurred in the initial movements. What about this week? Current View: Structurally, if the market breaks the supply zone solidly, then the rally will likely continue to the level of 25,537 with minor consolidation. This is our first scenario. If this happens, it could signify the continuation of the 3rd sub-wave. Alternate View: > The alternate view suggests that if the market faces rejection around the minor supply zone (25,377) or if this week starts with a negative candle, we can expect a correction of 23% to 38% in the minor swing, potentially indicating a 4th sub-wave. > The correction may not be deep, so if it reaches the downside 38% Fibonacci level, the rally could continue further. However, if it breaks below the 38% level, we might need to reconsider our direction.
NSE:NIFTY
by Manickamtraders
6
#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 weekly analysis for 28/08/2024.Nifty is stuck in a range and has slowly recovered after a retest. Yet there were no opportunities for option buyers this week. If the market breaks out of the range, there are high chance of a fake out, as it has been rallying for last few days. Small quantities can be traded in a bullish trade. In case of break down, a good profit booking rally can be captured. Major levels :- 24870, 24960, 25050 The supports are nearby and market can reverse after testing the zones. Index seems strong and a double top formation can be seen this week. A bearish positonal trade can be created if there negative candlestick formation is there. Support levels :- 24740, 24600 Wait for the price action near the levels before entering the trade.
NSE:NIFTY
by Mambotrade
Bullish Outlook for Nifty: Key Levels to Watch "In the last trading session, Nifty broke through a significant resistance level at 24472, hinting at a positive momentum shift. Currently, there is a substantial Open Interest (OI) of 45 lakh at 24500, which solidifies this level as a new support. With the market holding firm above 24550 and OI beginning to accumulate at 24600, we might be gearing up for a strong push towards the 24700-24800 range. However, traders should be cautious: a dip below 24472, especially if Nifty falls under 24450, would negate our bullish thesis, making long positions less attractive. This analysis is supported by the attached screenshot showing the latest OI and price action dynamics. Join me in monitoring these pivotal developments as we prepare for Monday's session."
NSE:NIFTYLong
by strategystack
16 Aug 2024 - Change in Stance to Bullish, Nifty up 174ptsLast week we discussed how Nifty was still in the bearish stronghold and then a break above 24389 was mandatory for a change in stance. 09 Aug 2024 - Nifty down 334pts, makes a 61.8% This week, Nifty not only broke the 24389 ~ 61.8% retracement level but went ahead and broke the 24525 ~ 78.6% level too. This double break has prompted me to go bullish, but there is one catch - BankNifty is still flat though. The momentum has come from the IT sector this time. On Friday, 16th alone - we had an intraday rally of 359pts ~ 1.49%. I thought the Monkey Pox (mpox) news might weigh in and the markets may remain flattish, but the rally still continues to amuse me.  Regarding the mpox, I was quite worried about the below article from WHO. How many of you think we may have another round of lockdown? This time the public may turn against the government for ruining their livelihood and enforcing vaccine mandates. Markets are not pricing in this news yet, or the news has probably not reached the threshold to create panic. I also feel the US markets may react first and then us. "WHO Director-General declares mpox outbreak a public health emergency of international concern" Nifty has managed to go up 174pts ~ 0.72% for this current week, the ATH is still 500pts away but the bullish momentum may help us close the gap. I personally feel we may not go higher than 24800 till the 22nd. Our stance is bullish.
NSE:NIFTYLong
by viswaram
NIFTY Intraday Trade Setup For 19 Aug 2024NIFTY Intraday Trade Setup For 19 Aug 2024 Bullish-Above 24570 Invalid-Below 24520 T- 24850 Bearish-Below 24330 Invalid-Above 24380 T- 24100 NIFTY has closed on a slight bullish note with 0.71% gain last week. Index finally gave breakout of 24400 and 24000 daily TF range. Fair chance of both gap filling in daily TF. However recent sentiment was bearish so incase if index closes below 24400 in daily TF then chances of a false breakout will be high. Tomorrow we will plan a bullish trade above 24570 but considerable on a pullback breakout setup. 24330 will be an intra support. Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 24570 then we will long for the target of 24850. For selling we need a 15 Min candle close below 24330. T- 24100. In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout. ========== I am Not SEBI Registered This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.
NSE:NIFTY
by Omahto
NIFTY Intraday Trade Setup For 16 Aug 2024NIFTY Intraday Trade Setup For 16 Aug 2024 Bullish-Above 24200 Invalid-Below 24150 T- 24400 Bearish-Below 24090 Invalid-Above 24140 T- 23900 NIFTY has closed on a flat note on Wednesday, formed a tiny daily candle of less than 100 points range. Since its a neutral candle we cant be biased. We will simply wait for that 100 points range to broken either side. 24200 and 24090 is the range for Friday. In daily TF NIFTY has maintained range of 24400 and 24000. Next week we may get a breakout. Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 24400 then we will long for the target of 24400. For selling we need a 15 Min candle close below 24090. T- 23900. In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout. ========== I am Not SEBI Registered This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.
NSE:NIFTY
by Omahto