#Nifty Directions and Levels for December 23Good morning, friends! 🌞
Market Directions and Levels for December 23
The global markets are showing a bullish sentiment (based on the Dow Jones), and the Indian market also indicates a bullish outlook. Today, the market may open on a positive note due to GIFT Nifty showing about 50 points up.
What to Expect Today?
The global market structure has a solid bullish bias, and the Indian market also formed a solid candle in the previous session. Sentimentally, it suggests a positive day today as well. In my opinion, the Nifty could move in line with yesterday’s pattern. On the other hand, Bank Nifty is displaying a solid bullish structure, which means that if it breaks the 78% resistance, we can expect a long rally. Let’s look at the charts.
Nifty
Current view:
> If the market opens with a gap-up, it could reach 26,269—a resistance zone. Structurally, it could undergo a minor retracement of 23% to 38% in the current swing. However, if it breaks through without rejection(26269), follow the rally
> Note: if the gap-up does not sustain and declines, we can apply the same sentiment until it breaks the 38% retracement level. If it breaks, we can expect the correctional targets at 50% and 78% in the current swing.
