Manickam Traders
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give me some time i will update the chart have little personal work dont mistake me
Good morning, Friends! 🌞
Here are the market directions and levels for February 24th:
Market Overview
In the previous session, the global market fell drastically, indicating a slightly negative bias (as indicated by the Dow Jones), while our local market is maintaining a bearish sentiment. Today, the market may open with a gap down, as the Nifty indicates a negative move of 80 points.
Structurally, we are in a bearish trend, and the Nifty has reached the bottom of this trend. What’s next? The primary bias suggests that a long correction could be possible; however, there is a strong 38% support level on the Nifty chart. If this level breaks, we can expect the continuation of the correction.
Note: My primary suggestion is a bearish trend; however, some additional parameters have not yet given a bearish signal, even though the market is at the bottom.
Let’s look at the charts.
Nifty
The current view indicates that if the market sustains the gap down at the start and breaks the 38% support level, we can expect the continuation of the correction. However, since this is a major support level, a false breakout could be possible. Even if this happens, until the minor channel is broken, the market could maintain its bearish bias.
Bank Nifty
It’s similar to the Nifty. The Bank Nifty also has a solid correctional structure, so if the market starts negatively, it could reach a minimum of 78%. After that, if it consolidates or breaks this level, we can expect the next target to be the bottom of the channel. However, this is also a major support level (78%); if a significant rejection occurs, we can expect the market to range within the previous day's range.
Good morning, Friends! 🌞
Here are the market directions and levels for February 21:
Market Overview
The global market has a slightly negative bias; however, the structure remains bullish (as indicated by the Dow Jones). Our local market is maintaining a moderately bearish sentiment. Today, the market may open neutral to slightly gapping down, as the Gift Nifty indicates a negative move of 50 points.
In the previous session, both markets consolidated after a gap-down start. What about today? Structurally, we are still in a range, so it may continue in that manner. However, in the previous session, apart from HDFC Bank, all banking stocks performed well. If HDFC Bank supports the market today, we can expect some positive bias; conversely, if it does not support, the market may consolidate or correct. Just my opinion—let's look at the chart.
Nifty Current View:
The current view indicates that the Gift Nifty is suggesting a gap-down start. If the market finds support around the 78% level, or if the initial market takes a solid pullback without breaking the previous day's low, we can expect a pullback of a minimum of 38% to 78% within the range. After that, if it breaks the top of the range, we can expect a continuation of the rally, based on the structure.
Alternate View:
The alternate view suggests that if the gap-down has a solid structure and consolidates around the 78% to minor pullback zone, then the correction will likely continue to 22,725 to 38%.
Bank Nifty:
It is similar to the Nifty structure. If the market takes a pullback around the immediate support level, we can expect a range market leading to a continuation of the rally. Alternatively, if it shows a solid correctional structure, then the correction will likely continue towards 48,845 to 48,762.
Good morning, Friends! 🌞
Here are the market directions and levels for February 20th:
Market Overview
Globally, nothing has changed, while our local market is maintaining a moderately bearish sentiment. Today, the market may open neutral to slightly gapping down, as the Nifty futures indicate a negative move of 50 points.
In the previous session, Bank Nifty had a solid pullback, but Nifty didn't react similarly and maintained its range. What’s next? The two structures are a bit different, so we can't take this in a single direction. My personal opinion is that structurally, there is still a decline pending today. If this decline finds support around the immediate support level, we can expect a continuation of the pullback with some consolidation. On the other hand, if it doesn't find support today, the market will likely consolidate before continuing its correction, Let’s look at the chart.
Nifty Current View:
The current analysis suggests that if the market pulls back initially or finds support around 22,830, we can expect a pullback. However, until it breaks the previous high, we can't anticipate significant movement. This is the first scenario.
Alternate View:
The alternate view indicates that we are in a range-bound market. Until the market breaks 22,769, the range will continue. However, if the decline has a solid structure and breaks 22,769, we can expect a continuation of the correction.
Bank Nifty Current View:
Bank Nifty is a bit different from Nifty; it has a bullish structure, resembling a "Flag pattern." If the market initially pulls back and breaks the minor rejection zone, we can expect further rally continuation. If it reaches there with gradual movement, it may not go up significantly.
Alternate View:
This is similar to the first one. If the market finds support around the immediate support level, we can expect a continuation of the pullback. Conversely, if it breaks that level, we can expect a minimum move to the channel bottom before the next correction target.
Good morning, Friends! 🌞
Here are the market directions and levels for February 19th:
Market Overview
The global sentiment remains bullish (as indicated by the Dow Jones), while our local market is showing a moderately bearish sentiment. Today, the market may open neutral to slightly gapping up, as the Gift Nifty indicates a positive move of 20 points.
In the previous session, both Nifty and Bank Nifty closed negatively; however, the structure seems to indicate a range-bound market. What about today? There are no significant changes in the parameters, so a range-bound market is expected. This means that if the market breaks either to the upside or downside, we can follow that direction. Until then, it could consolidate within the previous range.
Levels - We can follow the previous day's levels because the market has not yet broken the range, so we can use them today as well.
Direction -
> Structurally, another decline is pending within the range, so more or less, if it declines, we can expect a pullback around the immediate support.
> On the upside, a sharp rally will occur only if it breaks the previous high with solid structure or through consolidation (box formation). On the other hand, if it breaks gradually, it may not rise significantly and could face rejection at some point.
> Typically, range-bound market movements are unstructured. So, you should enter only if you find a proper trading structure.
Good morning, Friends! 🌞
Here are the market directions and levels for February 18th:
Market Overview
There have been no significant changes in the global markets. The global sentiment remains bullish, as indicated by the Dow Jones, while our local market is showing a moderately bearish sentiment. Today, the market may open neutral to slightly gap down, as the Gift Nifty indicates a negative move of 20 points.
In the previous session, both Nifty and Bank Nifty experienced a solid pullback after an initial decline. What’s next? The trend still seems bearish, but the pullback is accompanied by RSI divergence and some parameters supporting further continuation of the pullback. Therefore, the probability leans towards consolidation or continued pullback. Let's look at the chart.
Both Nifty and Bank Nifty structures seem similar, but the wave structures are a little mismatched.
Current View:
Based on the wave structure, there is a progressing leading diagonal in Nifty. So, even if the market opens negatively and breaks the pattern's bottom, we can expect some pullback after the decline because it's the initial wave of the motive (leading diagonal). The decline could be in the second wave of the motive. Once it starts to pull back and breaks the previous high, we can expect continuation of the pullback to the upside. This is the basic structure.
To explain it simply: the pullback has bullish momentum. So, even if the market starts negatively (as indicated by Gift Nifty), we can expect a pullback after some decline because RSI and other parameters support it.
Here, a correction will occur only if the decline forms in a straight line and consolidates around the previous bottom. Until then, we could maintain a bullish bias in today’s session.
Alternate View:
The alternate view suggests that if the market opens with a gap up or if the initial market takes a pullback, the rally will likely continue with some rejections.
Good morning, Friends! 🌞
Here are the market directions and levels for February 14th:
Market Overview
There have been no significant changes in the global markets. The global sentiment remains bullish, as indicated by the Dow Jones, while our local market is showing a moderately bearish sentiment. Today, the market may open neutral to slightly gap-up, as Gift Nifty indicates a positive move of 100 points.
In the previous session, both Nifty and Bank Nifty closed with a neutral sentiment, though volatility was high. What about today? Due to selling pressure, the market didn’t gain much even when it started positively. So, today, we will take a conservative approach. My expectation is for a consolidation phase. However, if the market breaks its immediate support or resistance after some consolidation, the direction is likely to persist. Let’s look at the chart.
Both Nifty and Bank Nifty have the same structural sentiment.
Current View
We are in the mid-level of the current swing, so we cannot take a single-direction approach. However, the trend shows a slightly bearish bias. If the initial market declines, we can expect a minimum downside of 22,956 to 22,920 (for Bank Nifty: 49,159). This is an Expanding Flat correctional pullback zone. If the market rejects sharply from this zone, we can expect a pullback that could at least reach today’s opening level.
> On the other hand, if the decline has a solid structure and breaks this zone or consolidates around it, the correction is likely to continue.
Alternate View
The alternate view suggests that if the market sustains the gap-up, 23,186 (for Bank Nifty: 49,716) will act as a major resistance. So, until this level is broken, we can expect consolidation within the previous day’s range. If it breaks with a solid structure, the next target will be the top of the channel.
