Correct Carcano sighting: The top of the front sight blade has to be in the very bottom of the "V"...NOT your usual US or Anglo sighting Picture.
IN otherwords, you see Most of the Target in the "V", for correct fixed range ( 200 metres) sighting with a M38 Fixed rear sight.

As the " trajectory" is virtually horizontal at 200 metres ( effectively "Point Blank") one can only use "fine sighting" at ranges much greater than 200-300 metres...which after the Abyssinian War ( 35-36) the Italians considered as a waste of time ( battle sights and shooting was initially set at 300 metres for the 7,35 M38 rifle, and then moidified to 200 metres for the M91/38 Versions in 6,5mm.)
Only with those rifles developed for Longer range shooting ( the M41 series) did a varialble rear sight get introduced ( North Africa, Steppes of Russiaicon).

Loading single rounds...closing Bolt over cartridge is a recipe for disaster ( chipped or snapped extractor)>
The Carcano Extractor was designed on the Mauser "Guided chambering" principle, where the cartridge rose up from the Magazine UNDER the extractor claw before chambering...also preventing "Double chambering" and premature discharge. Even though the Carcano uses a single column packet clip, it is essential for correct chambering. If constrained to load without a clip, the cartridge must be laid in the boltway,

over the Cartridge elevator, and the Bolt moved forward so as to let the cartridge rim go under the extactor claw before closing the chamber.