#Nifty directions and levels for February 10th:

Good morning, Friends! 🌞

Here are the market directions and levels for February 10th:

Market Overview

There have been no significant changes in the global markets, which continue to maintain a bullish sentiment, as indicated by the Dow Jones. However, our local market is showing a moderately bullish sentiment.

Today, the market may open neutral to slightly gap-down, as GiftNifty indicates a negative move of 30 points.

The structure of both Nifty and Bank Nifty suggests a range-bound market in both higher and lower time frames. However, most of these range-bound movements are unstructured, so we should approach these charts conservatively. Below, I have shared some usual structures—let's take a look.

Nifty and Bank Nifty structures differ slightly. Nifty indicates a minor correction, whereas Bank Nifty has a bullish structure.

Nifty – Current View

If the market opens with a solid decline, it could reach a minimum of 23,423, which is the pullback zone, with some minor consolidation. The correction is likely to continue only if the market breaks this pullback zone with a solid structure. Otherwise, it could re-enter the range-bound zone.

Nifty – Alternate View

If the market pulls back after a gap-down opening, it could reach the 50%–61% retracement zone. However, we should approach this conservatively, as there are multiple variations.

For example, if the previous correction was the first leg, the current pullback could be the second leg. If the market rejects around the 61% level, then a third corrective leg may follow. This is just one possible scenario, so a conservative approach with breakout entries is better.