#Nifty directions and levels for June 13th:

"Good morning, Friends! 🌞

Here are the market directions and levels for June 13th:

Market Overview

Several external factors have led to a significant decline in both global and local markets this morning. Consequently, Gift Nifty is indicating a negative start of 280 points.

So, what can we expect today?

Based on current sentiment, if the market opens with a large gap-down, the overall bias will shift to negative. However, this could be a temporary scenario, and it's difficult to predict how the market will react to this incident. If the decline sustains structurally, it could signal the third wave of a correction. Therefore, the market may continue to move downwards, potentially with some consolidation, as the fourth wave is typically a consolidation wave, followed by a fifth wave of trend continuation (correction). Let's examine the chart.

Current View

The current view suggests that if the market sustains the gap-down and breaks immediate support levels, we can anticipate further continuation of the correction, possibly with some consolidation.

Alternate View

The alternate view suggests that if the gap-down does not sustain and the market experiences a solid pullback, it may re-enter a range-bound scenario. This means that until it breaks the 23% Fibonacci level, the market is likely to maintain its bearish sentiment. However, if it breaks above the 23% level, we could expect a bounce back towards the 38% to 50% levels in the current swing."