#Nifty directions and levels for December 2nd.
Good morning, friends! 🌞 Here are the market directions and levels for December 2nd.
Market Overview:
There are no significant changes happening. The global market is maintaining a bullish sentiment (based on Dow Jones only), while our local market has a moderately bearish sentiment. Today, the market may open with a neutral to slightly gap-up start, based on Gifty Nifty showing a positive 50 points.
In the previous session, both Nifty and Bank Nifty experienced minor pullbacks.
Structurally, Nifty closed at the mid-level of its minor swing, while Bank Nifty closed around the 38% Fibonacci level.
What does this indicate?
>Nifty suggests a range-bound market sentiment.
>Bank Nifty reflects a slightly bearish sentiment.
Overall, this suggests a moderately bearish outlook, meaning we cannot expect a rally continuation until the previous highs are broken. Let's explain this further using charts.
Nifty Current View:
The current view indicates that if the market starts neutral or experiences an initial decline, the 38% level to 24031 will act as support. If it consolidates or breaks this level, we can expect a continuation of the correction, with a minimum target of 23941 to the minor demand zone. This is the basic structure. However, if it doesn’t break this level, it could see a pullback.
Alternate View:
The alternate view suggests that if the market sustains the gap-up and breaks the previous high, it could reach the 78% Fibonacci level on the upside, which is a major resistance. Until we break this level, we cannot expect a continuation of the rally. If it breaks, the rally will continue; conversely, if it is rejected, it could turn into a range-bound market.
Market Overview:
There are no significant changes happening. The global market is maintaining a bullish sentiment (based on Dow Jones only), while our local market has a moderately bearish sentiment. Today, the market may open with a neutral to slightly gap-up start, based on Gifty Nifty showing a positive 50 points.
In the previous session, both Nifty and Bank Nifty experienced minor pullbacks.
Structurally, Nifty closed at the mid-level of its minor swing, while Bank Nifty closed around the 38% Fibonacci level.
What does this indicate?
>Nifty suggests a range-bound market sentiment.
>Bank Nifty reflects a slightly bearish sentiment.
Overall, this suggests a moderately bearish outlook, meaning we cannot expect a rally continuation until the previous highs are broken. Let's explain this further using charts.
Nifty Current View:
The current view indicates that if the market starts neutral or experiences an initial decline, the 38% level to 24031 will act as support. If it consolidates or breaks this level, we can expect a continuation of the correction, with a minimum target of 23941 to the minor demand zone. This is the basic structure. However, if it doesn’t break this level, it could see a pullback.
Alternate View:
The alternate view suggests that if the market sustains the gap-up and breaks the previous high, it could reach the 78% Fibonacci level on the upside, which is a major resistance. Until we break this level, we cannot expect a continuation of the rally. If it breaks, the rally will continue; conversely, if it is rejected, it could turn into a range-bound market.
Penafian
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