#Nifty directions and levels for December 24th.Good morning, friends! 🌞
Here are the market directions and levels for December 24th.
Market Overview:
The global market is showing a moderately bearish sentiment (based on the Dow Jones). Our local market is also displaying a moderately bearish trend. Today, the market may open with a neutral to slightly gap-down start, as the Gift Nifty indicates a 15-point negative sentiment.
In the previous session, there was no directional movement, even though it opened with a long gap-up. Structurally, today might continue this sentiment as we are progressing into the 4th sub-wave. We already discussed this in the previous post, so more or less, it will move based on this. Let’s explain this in the charts.
Both Nifty and Bank Nifty are currently showing the same structural sentiment.
Current View:
The current view suggests that if the initial market takes a pullback after some decline or if it opens with a gap-up, then we can expect a continuation of the pullback. Structurally, the 38% retracement could be a major resistance in this variation. As per the wave structure, it is unlikely to go beyond this level. If you find any reversal confirmation, we can consider entering a short position. Conversely, if the pullback breaks the 38% level, it could extend to the next resistance level. This is the basic structure.
Alternate View:
The alternate view suggests that if the gap-down sustains, we can expect a correction to the previous bottom. Until the bottom is broken, the market sentiment could remain range-bound. If it breaks, we can consider that a 5th correctional wave.
