#Nifty directions and level for September first week.
Nifty and Bank Nifty Directions for the First Week of September
Global Market Overview
The global market hasn't changed much and continues to trade within a range, so the overall sentiment remains positive. However, there are a few events this week that need to be monitored closely.
Our Market:
In the previous week, both Nifty and Bank Nifty closed with positive candles, suggesting that this momentum may continue this week. Meanwhile, there are no major events in our local market, which could indicate that there might not be significant moves on the downside. However, we should check the charts for more clarity.
Nifty:
In the previous week, Nifty moved solidly, but most of the gains occurred in the initial movements. What about this week?
Current View:
Structurally, if the market breaks the supply zone solidly, then the rally will likely continue to the level of 25,537 with minor consolidation. This is our first scenario. If this happens, it could signify the continuation of the 3rd sub-wave.
Alternate View:
> The alternate view suggests that if the market faces rejection around the minor supply zone (25,377) or if this week starts with a negative candle, we can expect a correction of 23% to 38% in the minor swing, potentially indicating a 4th sub-wave.
> The correction may not be deep, so if it reaches the downside 38% Fibonacci level, the rally could continue further. However, if it breaks below the 38% level, we might need to reconsider our direction.
Global Market Overview
The global market hasn't changed much and continues to trade within a range, so the overall sentiment remains positive. However, there are a few events this week that need to be monitored closely.
Our Market:
In the previous week, both Nifty and Bank Nifty closed with positive candles, suggesting that this momentum may continue this week. Meanwhile, there are no major events in our local market, which could indicate that there might not be significant moves on the downside. However, we should check the charts for more clarity.
Nifty:
In the previous week, Nifty moved solidly, but most of the gains occurred in the initial movements. What about this week?
Current View:
Structurally, if the market breaks the supply zone solidly, then the rally will likely continue to the level of 25,537 with minor consolidation. This is our first scenario. If this happens, it could signify the continuation of the 3rd sub-wave.
Alternate View:
> The alternate view suggests that if the market faces rejection around the minor supply zone (25,377) or if this week starts with a negative candle, we can expect a correction of 23% to 38% in the minor swing, potentially indicating a 4th sub-wave.
> The correction may not be deep, so if it reaches the downside 38% Fibonacci level, the rally could continue further. However, if it breaks below the 38% level, we might need to reconsider our direction.
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