#nifty directions and levels for October 22nd.
Good morning, friends! 🌞 Here are the market directions and levels for October 22nd.
Market Overview:
The global market is showing a moderately bearish sentiment due to yesterday’s decline, and our local market is following a similar trend. We anticipate a neutral to slightly gap-up opening today, with SGX Nifty indicating a positive start of +35 points as of 8 AM.
In the previous session, both Nifty and Bank Nifty opened with a gap-up, but it didn’t sustain. If you look at the structure, both indices are different from one another. Nifty is indicating a range-bound market, while Bank Nifty is showing a moderately bullish structure.
> How can we interpret this? I took two things into consideration for today’s direction: first, yesterday, the global market declined by nearly 1%, and second, looking at the Nifty and Bank Nifty charts broadly, the pullback occurred after a sharp decline. Both of these signs indicate a bearish bias. That’s how I started today's scenario with a bearish outlook. Let's dive into the charts.
Nifty Current View:
The current view suggests that even if the market opens with a gap-up, structurally it won't sustain. So, if this starts to decline, we can expect a correction to a minimum of24,614, which is a minor support. If the decline has a solid structure, then the trend will likely continue. However, the notable thing is that it is in a range-bound market, so there is a small probability of a minor bounce back as well. Please watch carefully.
Alternate View:
The alternate view also presents a kind of range-bound market. If the market sustains the gap-up, then we can expect24,914 for the pullback target. Structurally, it could reject there; if this happens, we can expect a minor correction, but it shouldn't break yesterday's low. This is the basic premise. After this consolidation, if it breaks24,914, then the pullback will likely continue further.
Market Overview:
The global market is showing a moderately bearish sentiment due to yesterday’s decline, and our local market is following a similar trend. We anticipate a neutral to slightly gap-up opening today, with SGX Nifty indicating a positive start of +35 points as of 8 AM.
In the previous session, both Nifty and Bank Nifty opened with a gap-up, but it didn’t sustain. If you look at the structure, both indices are different from one another. Nifty is indicating a range-bound market, while Bank Nifty is showing a moderately bullish structure.
> How can we interpret this? I took two things into consideration for today’s direction: first, yesterday, the global market declined by nearly 1%, and second, looking at the Nifty and Bank Nifty charts broadly, the pullback occurred after a sharp decline. Both of these signs indicate a bearish bias. That’s how I started today's scenario with a bearish outlook. Let's dive into the charts.
Nifty Current View:
The current view suggests that even if the market opens with a gap-up, structurally it won't sustain. So, if this starts to decline, we can expect a correction to a minimum of24,614, which is a minor support. If the decline has a solid structure, then the trend will likely continue. However, the notable thing is that it is in a range-bound market, so there is a small probability of a minor bounce back as well. Please watch carefully.
Alternate View:
The alternate view also presents a kind of range-bound market. If the market sustains the gap-up, then we can expect24,914 for the pullback target. Structurally, it could reject there; if this happens, we can expect a minor correction, but it shouldn't break yesterday's low. This is the basic premise. After this consolidation, if it breaks24,914, then the pullback will likely continue further.
Declinazione di responsabilitĂ
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.