#Nifty directions and levels for August 7th.
Good morning, friends 🌞 Here are the directions and levels for August 7th.
Market Overview
The global market has been in a minor range, and our local market has a moderate bearish sentiment. Today, the market may open with a gap-up, indicated by a 200-point positive start in GIFTNIFTY.
Both Nifty and BankNifty share the same range market sentiment. Let's take a closer look:
Even though the previous session opened with a gap-up, it didn’t sustain, and both Nifty and BankNifty maintained their bearish bias. Today also the market may open with a minimum of 150 points positive. What about today?
If this happens structurally, it could turn into a range market. Range market movements are usually difficult to predict. However, my expectation is that if the market opens with a gap-up, the 24,292 level will act as immediate resistance. If the market consolidates around there, we can expect a pullback continuation if it breaks this level, with targets expected at 24,364 up to the Fibonacci level of 61%. This is our first variation.
Alternatively, if the gap-up doesn’t sustain, it may consolidate within the previous day's range. In this variation, a correction is anticipated only if it falls below the previous low.
Market Overview
The global market has been in a minor range, and our local market has a moderate bearish sentiment. Today, the market may open with a gap-up, indicated by a 200-point positive start in GIFTNIFTY.
Both Nifty and BankNifty share the same range market sentiment. Let's take a closer look:
Even though the previous session opened with a gap-up, it didn’t sustain, and both Nifty and BankNifty maintained their bearish bias. Today also the market may open with a minimum of 150 points positive. What about today?
If this happens structurally, it could turn into a range market. Range market movements are usually difficult to predict. However, my expectation is that if the market opens with a gap-up, the 24,292 level will act as immediate resistance. If the market consolidates around there, we can expect a pullback continuation if it breaks this level, with targets expected at 24,364 up to the Fibonacci level of 61%. This is our first variation.
Alternatively, if the gap-up doesn’t sustain, it may consolidate within the previous day's range. In this variation, a correction is anticipated only if it falls below the previous low.
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