#Nifty directions and levels for January 9th, Thursday:

evvelsi gün

Good Morning, friends! 🌞

Here are the market directions and levels for January 9th, Thursday:

Market Overview:

The global market continues to maintain a moderately bearish sentiment (based on the Dow Jones), and our local market is reflecting a similar outlook. Today, the market is likely to open with a neutral to slightly gap-down start, as the Gift Nifty indicates a -40 point negative opening.

In the previous session, both Nifty and Bank Nifty first half fell drastically, and the second half took a solid pullback. This structure and sentiment suggest an unclear direction for the current market, so we should approach this a little bit conservatively. Let’s look at the charts.

Bullish View:

The bullish view indicates that even if the market opens with a gap-down, it could take a minor pullback. If this happens, the immediate resistance could be the pullback target. However, until it breaks the immediate resistance 23761, the market could consolidate between 23761 and 23546. If it breaks the immediate resistance, we can expect pullback continuation.

Bearish View:

This is similar to the first one, meaning initially we can expect a range-bound market. If it breaks the bottom of the range, we can expect a continuation of the correction. This is today's basic structure.