#Nifty directions and levels for November 18th.

昨日

Good morning, friends! 🌞 Here are the market directions and levels for November 18th.

Market Overview:

There are no significant changes happening. The global market is showing a moderately bearish sentiment (based on the Dow Jones only), and our local market is also exhibiting bearish sentiment. Today, the market may open with a neutral to slightly gap-down start, with the Gifty Nifty showing a negative 80 points.

In the previous session, both Nifty and Bank Nifty moved in a consolidation pattern. Structurally, it remains a bearish trend, so if the gap-down sustains, we can expect the continuation of the correction. On the other hand, if it rejects around the immediate support level or opens with a gap-up, we can expect a minimum pullback of 23% to 38%. Let’s look at this in the charts.

Both Nifty and Bank Nifty have the same structural sentiment.

Nifty Current View:

The current view for Nifty indicates that if the initial market takes a pullback around the immediate support level (23,435), we can expect a minimum pullback of 23% to 38%. After that, if it rejects at either the 23% or 38% Fibonacci level, the correction will likely continue. However, if it sustains and breaks the 38% Fibonacci level, it could reach the 50% and 61% levels. If this happens, the upcoming session could turn into a range market.

Alternate View:

The alternate view suggests that if the market breaks the immediate support level (23,435) solidly or consolidates around the support level, the correction will likely continue to the level of 23,245.