#nifty directions and levels for October 9th.
"Good morning, friends! 🌞 Here are the market directions and levels for October 9th.
Market Overview:
The global market is still maintaining a moderately bullish sentiment, while our local market shows a moderately bearish trend. A neutral to gap-up opening is expected today, with SGX Nifty indicating a positive move of around +20 points as of 8 AM.
Today, we have a major event: the RBI monetary policy announcement. This means the market is likely to move based on this data, which will be released around 10 AM. Therefore, technical analysis may not play a significant role today.
However, structurally, both the Nifty and Bank Nifty remain in a bearish bias since they haven't broken the 38% Fibonacci level in the overall correction. So, if the market rejects the key resistance level, we can expect the correction to continue."
Market Overview:
The global market is still maintaining a moderately bullish sentiment, while our local market shows a moderately bearish trend. A neutral to gap-up opening is expected today, with SGX Nifty indicating a positive move of around +20 points as of 8 AM.
Today, we have a major event: the RBI monetary policy announcement. This means the market is likely to move based on this data, which will be released around 10 AM. Therefore, technical analysis may not play a significant role today.
However, structurally, both the Nifty and Bank Nifty remain in a bearish bias since they haven't broken the 38% Fibonacci level in the overall correction. So, if the market rejects the key resistance level, we can expect the correction to continue."
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