#Nifty directions and levels for December 3rd.
Good morning, friends! 🌞 Here are the market directions and levels for December 3rd.
Market Overview:
There are no significant changes happening. The global market is maintaining a bullish sentiment (based on the Dow Jones only), while our local market has a moderately bullish sentiment.
In the previous session, Nifty had a solid pullback and ended around the top of the swing, but Bank Nifty is still around the 38% mark. The structures are different here. In my personal opinion, if the market takes a solid pullback, we can expect a long rally today. On the other hand, the same could happen on the downside, which means if it declines or rejects around the immediate resistance level, it could turn into a flat correction, as well as a sharp decline correctional leg. Let’s explain this on the chart.
Nifty Current View:
The current view suggests that if the market takes an initial pullback, it could reach a minimum of 38% to 24,485. After that, if it consolidates or breaks this level, the rally will likely continue. Conversely, if it rejects this level, apply the Fibonacci levels to the minor swing. If it breaks below the 38% Fibonacci level during this rejection, it may indicate a reversal, while maintaining above this level will keep the bullish bias. This is the basic structure.
Alternate View:
The alternate view suggests that if the market initially declines, it could reach the 38% Fibonacci level in the minor swing. However, until the 38% level is broken, it will maintain a bullish bias. If it breaks this level, we can expect a correction.
Market Overview:
There are no significant changes happening. The global market is maintaining a bullish sentiment (based on the Dow Jones only), while our local market has a moderately bullish sentiment.
In the previous session, Nifty had a solid pullback and ended around the top of the swing, but Bank Nifty is still around the 38% mark. The structures are different here. In my personal opinion, if the market takes a solid pullback, we can expect a long rally today. On the other hand, the same could happen on the downside, which means if it declines or rejects around the immediate resistance level, it could turn into a flat correction, as well as a sharp decline correctional leg. Let’s explain this on the chart.
Nifty Current View:
The current view suggests that if the market takes an initial pullback, it could reach a minimum of 38% to 24,485. After that, if it consolidates or breaks this level, the rally will likely continue. Conversely, if it rejects this level, apply the Fibonacci levels to the minor swing. If it breaks below the 38% Fibonacci level during this rejection, it may indicate a reversal, while maintaining above this level will keep the bullish bias. This is the basic structure.
Alternate View:
The alternate view suggests that if the market initially declines, it could reach the 38% Fibonacci level in the minor swing. However, until the 38% level is broken, it will maintain a bullish bias. If it breaks this level, we can expect a correction.
Penafian
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