#Nifty directions and levels for January 22nd, Wednesday

Good Morning, friends! 🌞

Here are the market directions and levels for January 22nd, Wednesday

Market Overview:

The global market is maintaining a bullish sentiment (based on the Dow Jones), while our local market shows a bearish sentiment. Today, the market is likely to open neutral to slightly gap-up, as the Gift Nifty indicates a +50-point positive opening.

In the previous session, both Nifty and Bank Nifty experienced high volatility. Based on the structure, the market is expected to remain range-bound, even if it breaks the previous bottom, especially in Nifty.

> So, if the market sustains the gap-up, we can approach it with a range-bound sentiment with a bearish bias. However, if the market begins a correction, the current correction trend is likely to continue.

Let’s look at the charts for more details.

Nifty Current View:

The current structure suggests that if the gap-up doesn't sustain or if the market breaks the previous low after some consolidation, we can expect the correction to continue toward the levels of 22898 to 22829.

Alternate View:

If the gap-up sustains, we should approach it as a range-bound market. However, avoid taking long positions without confirmation. For a long position, wait for a breakout at specific levels. For example, if the market breaks the 50% level, targets could be set at 61% and 78%.