#Nifty directions and levels for November 14th.Good morning, friends! 🌞 Here are the market directions and levels for November 14th.
Market Overview:
There are no significant changes from the previous session. The global markets are showing a moderately bearish sentiment (mainly based on the Dow Jones), and our local market also indicates a bearish trend. Today, the market may open neutral to slightly gap-down, as SGX Nifty is showing a negative move of 30 points.
In the previous session, the market continued its correction solidly. Structurally, today's correction is expected to continue if it breaks the previous bottom. Otherwise, it may consolidate between the previous bottom and the 38% Fibonacci level. A reversal could be anticipated only if it breaks either the 20-day EMA or the 38% Fibonacci level. Additionally, there are two sub-waves forming—a fourth consolidation wave and a fifth corrective wave—so today’s movement may reflect these structures. Let's illustrate this on the chart.
Nifty Current View:
> The current view of Nifty indicates that if the market undergoes minor consolidation or if it breaks the previous bottom solidly, then the correction is likely to continue toward the levels of 23435 to 23245.
> Notably, if the market corrects, it could be a minor fifth wave; thus, there is a possibility of forming a diagonal pattern. If it forms and subsequently breaks out of the pattern, we can consider that a minor reversal to the upside.
Alternate View:
> On the other hand, the alternate view suggests that if the market initially takes a pullback, we can expect a maximum pullback of 23% to 38%. After that, if it rejects either the 23% or 38% Fibonacci level, then the correction will likely continue.
> However, structurally, it could be a fourth sub-wave, so some consolidation could be possible between the previous low and the Fibonacci level of 38%.
> Notably, structurally, it won’t break the Fibonacci level of 38%; in case it does, we can consider that a minor bullish reversal.
