#Nifty directions and levels for January 8th, Wednesday:

Good Morning, Friends! 🌞

Here are the market directions and levels for January 8th, Wednesday:

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-up start, as the Gift Nifty indicates a 20-point positive opening.

In the last session, Nifty and Bank Nifty opened with a gap-up but didn’t rally much. Based on the wave structure, the market seems to be in the 4th consolidation wave. Yesterday’s movement supports this view.

> Unless the market breaks the previous high, we can assume it is still in the consolidation phase. However, if it breaks the previous high, the trend may change. Usually, breaking the 38% Fibonacci level can push the market toward the 78% level.

> based on that if the market crosses yesterday’s high, we could see it move toward the 50% to 61% Fibonacci levels. This is the basic structure.

Chart structures were discussed in the previous session and remain unchanged, so we can follow yesterday’s sentiment today as well.