#nifty directions and levels for November 7th.Good morning, friends! 🌞 Here are the market directions and levels for November 7th.
Market Overview:
The global market is showing a super bullish sentiment, while our local market has a moderately bullish sentiment. Today, the market may open with a negative start based on the Gifty Nifty, which is showing a decline of 100 points.
In the previous session, both Nifty and Bank Nifty maintained a bullish bias. However, today, the Gifty Nifty is indicating a negative start, so what’s next? Experts are saying (for Indian market) that due to the new US president, the market may experience a minor correction. However, technically we want some additional confirmation. As of now, we do not have that confirmation, so we are still in a moderately bullish bias. Let’s explain this in the charts.
Structurally, both Nifty and Bank Nifty share the same sentiment.
Current View:
The current view indicates that if the market opens with a gap down, it may reach the 38% level on the downside. Structurally, it won’t go beyond that level. If the market finds support there, then the rally will continue with some consolidation. This is our first variation.
Alternate View:
The alternate view is similar to the current view. If the initial market experiences a sharp pullback, then the rally is likely to continue. This is our alternate view.
Note:
Here, the notable point is that if the market sustains the gap down and breaks the 38% Fibonacci level on the downside, it may turn into a ranging market. However, if we look at it from an aerial view, there is a downtrend.
