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Here are the market directions and levels for June 23:
Market Overview
The global market is showing signs of consolidation with some cautious sentiment, and our local market is also reflecting the same.
However, Gift Nifty is indicating a 130-point negative start.
So, what can we expect today?
The structures in the higher degree timeframes are slightly different from one another, so we can't take any firm decision in advance.
However, my expectation is that the market may close with a negative bias today.
Let’s look at the chart for more clarity.
On the 15-minute chart, both Nifty and Bank Nifty appear to be showing a similar structure.
Current View
The current view suggests that if the market sustains the initial gap-down and consolidates, we can expect the correction to continue.
In this case, even if there is a solid pullback, the market may not move much higher.
This would mean it could consolidate between the previous day’s high and the upcoming low.
Alternate View
The alternate view suggests that if the market takes a pullback initially, it may consolidate within the previous day's range.
If it breaks the previous high after that, we can expect further rally continuation, possibly in a diagonal pattern.
Here are the market directions and levels for June 23:
Market Overview
The global market is showing signs of consolidation with some cautious sentiment, and our local market is also reflecting the same.
However, Gift Nifty is indicating a 130-point negative start.
So, what can we expect today?
The structures in the higher degree timeframes are slightly different from one another, so we can't take any firm decision in advance.
However, my expectation is that the market may close with a negative bias today.
Let’s look at the chart for more clarity.
On the 15-minute chart, both Nifty and Bank Nifty appear to be showing a similar structure.
Current View
The current view suggests that if the market sustains the initial gap-down and consolidates, we can expect the correction to continue.
In this case, even if there is a solid pullback, the market may not move much higher.
This would mean it could consolidate between the previous day’s high and the upcoming low.
Alternate View
The alternate view suggests that if the market takes a pullback initially, it may consolidate within the previous day's range.
If it breaks the previous high after that, we can expect further rally continuation, possibly in a diagonal pattern.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.