#Nifty directions and levels for December 4th.

Good morning, friends! 🌞 Here are the market directions and levels for December 4th.

Market Overview:

There are no significant changes happening. The global market is maintaining a bullish sentiment (based on the Dow Jones only), while our local market shows a moderately bullish sentiment. Today, the market may open with a neutral to slightly gap-up start, as the Gift Nifty is showing a positive 10 points at 8:00 AM.

In the previous session, both Nifty and Bank Nifty had a solid pullback. The structure and sentiment remain the same as we discussed in the previous session. Let's look at this in the charts.

Both Nifty and Bank Nifty have a similar sentiment.

Nifty Current View:

The current view suggests that if the market takes an initial pullback, it could reach a minimum of 24,629. However, the previous day's movement shows RSI divergence, indicating weakening momentum. If this divergence continues when it reaches 24,629, we could see a correction of 23% to 38% in the minor swing. Conversely, if it breaks through or consolidates at this zone, the rally is likely to continue. This is the basic structure.

Alternate View:

The alternate view suggests that if the market initially declines, it could reach the 38% Fibonacci level in the minor swing. However, until the 38% level is broken, it will maintain a bullish bias. If it breaks this level, we can expect a correction.