#nifty directions and levels for October 16th.

The global markets are still bullish, while our local market is showing a moderately bearish trend. Therefore, there is no clear direction for the short term. Today, the market may open with a slightly positive start. If this happens, we can expect that Friday's pullback may continue further. Let's explain it one by one.

Current View:

If the gap-up sustains, we can expect the pullback to continue, with some consolidation around the resistance levels. For Nifty, the expected target range is 25003 to 25059
Alternate View:

The alternate view indicates that if the market declines initially, or if it rejects around the immediate resistance, we can expect a correction of38% to50%.

> It is important to note that we cannot assume this is a correction even if the market breaks the50% Fibonacci level, as the structure exhibits a bit of a bullish bias. Therefore, we should look for some additional confirmation to predict the correction. If this happens, I will inform you during market hours.