#Nifty directions and levels for December 6th.Good morning, friends! 🌞 Here are the market directions and levels for December 6th.
Market Overview:
The global market is maintaining a bullish sentiment (based on the Dow Jones only), while our local market also exhibits a bullish sentiment. Today, the market may open with a neutral to slightly gap-up start, as the Gift Nifty is showing a positive 30 points at 8:00 AM.
In the previous session, both Nifty and Bank Nifty had significant movements but ended positively. What about today? Currently, we are in a positive bias; therefore, if this continues, we can expect a diagonal pattern, which means the market may go up, but not in a straight line. On the other hand, if the market starts negatively, the previous day's range will likely continue. This is the basic structure, which I will explain in the chart.
Both Nifty and Bank Nifty have similar sentiments.
Nifty Current View:
The current view suggests that if the market experiences an initial pullback, it could reject each and every resistance level, indicating that it may form a diagonal pattern. This is a time adjustment and distribution pattern; therefore, once the pattern breaks below the trend line, we can expect a reversal. This is the basic structure.
Alternate View:
The alternate view suggests that if the market initially declines, it could reach a minimum of 24,481 to 24,416, which is a major support level. Until this support is broken, the market will maintain a bullish bias. If it breaks this level, we can expect a correction.
