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Market Directions and Levels for Jan 8
There are no major changes in the global and our Indian markets.
Today, the market may open with a neutral to slightly gap-down start, as GIFT Nifty is trading about 55 points lower.
What to Expect Today?
The structure continues to show the same sentiment, indicating that the market is still range-bound.
Therefore, the probability favors a continuation of the range-bound movement.
A correction continuation is likely only if the market breaks the immediate support level with a strong structure.
Let’s take a look at the chart.
Current View
The current view suggests that the corrective pullback could be a three-wave structure.
So, even if the market opens on a negative note, we can expect some consolidation around the previous day’s range.
Note: In this scenario, the market does not break the previous day’s low during the initial phase.
Alternate View:
The alternate view suggests that if the market starts negatively and breaks the previous day's bottom, we can expect correction continuation.
However, note that these kinds of gradual moves will react to each and every support level—take positions a little carefully.
Market Directions and Levels for Jan 8
There are no major changes in the global and our Indian markets.
Today, the market may open with a neutral to slightly gap-down start, as GIFT Nifty is trading about 55 points lower.
What to Expect Today?
The structure continues to show the same sentiment, indicating that the market is still range-bound.
Therefore, the probability favors a continuation of the range-bound movement.
A correction continuation is likely only if the market breaks the immediate support level with a strong structure.
Let’s take a look at the chart.
Current View
The current view suggests that the corrective pullback could be a three-wave structure.
So, even if the market opens on a negative note, we can expect some consolidation around the previous day’s range.
Note: In this scenario, the market does not break the previous day’s low during the initial phase.
Alternate View:
The alternate view suggests that if the market starts negatively and breaks the previous day's bottom, we can expect correction continuation.
However, note that these kinds of gradual moves will react to each and every support level—take positions a little carefully.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.