#Nifty directions and levels for August 23.Good morning, friends! 🌞 Here are the directions and levels for August 23.
Market Overview
In the previous session, the global market fell slightly, but structurally it indicates a bullish bias (based on the Dow Jones). Meanwhile, our local market is also maintaining a moderately bullish sentiment. So, today, the market may open with a neutral to slightly gap-down start, as the SGX Nifty indicates a negative 5-point move as of 8:00 AM.
We are going to look at what we saw in the previous session because both Nifty and Bank Nifty are maintaining the previous day's sentiment. Let's look at that simply.
Nifty
> In the previous session, Nifty opened with a gap-up, but by the end of the day, it closed with a consolidation structure. Whenever the market consolidates, there is a 60% probability of following the direction. So, as per this concept, we are taking our first direction based on this.
> that's, If the market pulls back initially, it could reach a minimum of 24,890, which is a kind of resistance level. If the market sustains or breaks this level, then the rally will likely continue to the level of 24,943.
> On the other hand, if it rejects sharply around the level of 24,890, it may enter a correction phase, with targets of a minimum 38% to 61% correction in the minor swing.
> Alternatively, if the market declines initially, then the 38% Fibonacci level will act as support. In this case, after the decline, if it finds support at the 38% level, the bullish bias is likely to continue. However, if it breaks the 38% level, it may fall further to the 50% or swing low on the downside.
