Manickam Traders

We have the Pongal festival ahead—it's a 3-day celebration. Please don't mistake my absence; we'll rejoin on Monday. Advance Happy Pongal🍯

#Nifty

#Banknifty

Good morning, friends! 🌞 Market Directions and Levels for Jan 12th Global remains positive, though Indian markets show a bearish bias. Today, the market may open neutral to slightly gap down, as GIFT Nifty trades about 20 points lower. Current View > If the market declines initially, the immediate support zone is expected to act as a strong support. > If price gets rejected from this zone, structurally this could be a 5th sub-wave. In that case, the 5th sub-wave correction may complete here, followed by a bounce of around 38%–61% of the minor swing. > This is the base structure. However, if price does not reject around the pullback zone, the 5th sub-wave could extend toward 25,550–25,580 for Nifty, and around 58,737 for Bank Nifty. Alternate View > The alternate scenario suggests a range-bound market with a bearish bias. > If the market opens positive, we can expect a bounce of around 23%–38%. However, even if a bounce occurs, the broader outlook remains bearish, and the market may return to its opening level by the end of the day.

#Banknifty

#Nifty

What to Expect Today? In the previous session, both Nifty and Bank Nifty took a decline. Still, their structures seem a little different. Current View: Based on the structure, the Nifty current view suggests: If the market opens with a decline, we can expect a minimum correction in the pullback zone. After that, if the market consolidates or breaks this level, we can expect further correction. On the other hand, if it faces solid rejection, it could bounce back with a minimum of 23% to 38% in the minor swing. The Bank Nifty current view is similar to Nifty's—there are no big changes. Alternate View: for nifty, The alternate view suggests: If the market opens with a pullback, it could reach the 38% to 50% Fibonacci level in the minor swing. However, this is a major resistance area, so we can mostly expect rejection there. Bank Nifty's alternate view differs slightly: If the market pulls back and sustains around the immediate resistance level, we can expect further continuation. This is because the structure seems like a diagonal pattern, so a breakout could lead to a long wave. Note: Please confirm the proper resistance breakout.

#Banknifty

#Nifty

Good morning, friends! 🌞 Market Directions and Levels for Jan 8 There are no major changes in the global and our Indian markets. Today, the market may open with a neutral to slightly gap-down start, as GIFT Nifty is trading about 55 points lower. What to Expect Today? The structure continues to show the same sentiment, indicating that the market is still range-bound. Therefore, the probability favors a continuation of the range-bound movement. A correction continuation is likely only if the market breaks the immediate support level with a strong structure. Let’s take a look at the chart. Current View The current view suggests that the corrective pullback could be a three-wave structure. So, even if the market opens on a negative note, we can expect some consolidation around the previous day’s range. Note: In this scenario, the market does not break the previous day’s low during the initial phase. Alternate View: The alternate view suggests that if the market starts negatively and breaks the previous day's bottom, we can expect correction continuation. However, note that these kinds of gradual moves will react to each and every support level—take positions a little carefully.

#Banknifty

#nifty

Good morning, friends! 🌞 Market Directions and Levels for Jan 7 Global markets are showing a positive outlook. However, the Indian market has a moderately bearish outlook. Today, the market may open with a neutral to slightly gap-down start, as GIFT Nifty is trading about 70 points lower. What to Expect Today? Based on the current structure, the market remains range-bound. The structures of Nifty and Bank Nifty are slightly different, which reflects mixed sentiment. Overall, the market is likely to continue its range-bound structure today as well. > If the market sustains the negative opening, it may reach the bottom of the current swing. > On the other hand, if the market bounces back initially, it could retrace 38%–50% of the current swing, indicating that the range-bound movement is likely to continue. This is the broader structure. Now, let’s look at the individual indices. Nifty Current view: If the gap-down sustains, the market may consolidate around the pullback zone. After that, if it breaks it, we can expect correction continuation. Alternate view: If the market starts positively or rejects sharply around the pullback zone, we can expect at least 38% to 50% of the current swing. Bank Nifty Current view: This differs slightly from Nifty—not much, but it seems like a solid range market. So, if the market reaches the pullback zone with some consolidation, or if it opens positively, the range-bound market will likely continue. Alternate view: If the market takes a solid initial decline and sustains it, the correction will likely continue.

#Banknifty

#Nifty

Good morning, friends! 🌞 Market Directions and Levels for Jan 6 There have been no major changes in the local or global markets. Both the global and Indian markets are showing a bullish outlook. Today, the market may open with a neutral start, as GIFT Nifty is trading about 65 points higher. What to Expect Today? > In the previous session, both Nifty and Bank Nifty declined even though they opened positively. If we analyze the chart, the market has taken a 61% retracement of the minor swing. This lies in the mid-range of the swing; therefore, today’s market may undergo consolidation within the previous day’s range. > We can expect a clear directional move only if the market breaks either the current swing high or the swing low. Until then, the market bias remains neutral.

#BankNifty

#Nifty

Good morning, friends! 🌞 Market Directions and Levels for Jan 5 Both the global and Indian markets are showing a bullish outlook. Today, the market may open positive, as the GIFT Nifty is trading about 65 points up. What to Expect Today? If you look at the chart structure, parameters, WA stocks, and OI, all are pointing to a trend continuation. So basically, if the opening markets sustain the gap up, we can expect a rally continuation. Let’s look at the chart. Alternate view The alternate view suggests that if the market sustains the gap up and breaks the immediate resistance level, the rally will likely continue. Current view (based on Elliott wave) There are no supporting factors for this view. However, in my experience and as per theory, if the market rejects around the immediate resistance zone or if the initial market declines, we can expect a minimum of 23% to 38% retracement in the minor swing. Because the inner wave counts show a single pullback wave, followed by a minor decline, that’s why I prefer this view.

#Banknifty