#Banknifty Directions and levels for May 2nd.
Good morning, friends! Here are the directions for May 2nd:
The global market is still maintaining a moderately bearish trend, supported by the Dow Jones, while our local market sentiment also indicates a moderately bearish trend. It might open with a neutral to slightly gap-up start, as suggested by GiftNifty, showing an increase of +30.
Nifty and BankNifty have the same structure, and structurally there is a sub-wave 4th going on. It's a consolidation zone, so if the market opens with a gap-up and sustains it, then we can expect a range market. However, if the market sustains around the Fibonacci level of 78%, it could break out. Even though it breaks the Fibonacci level of 78%, structurally, it may not take that much of a rally because the upcoming wave is a 5th wave, and the 5th wave is typically a distribution wave.
Alternatively, if the gap-up doesn't sustain and declines initially, we can expect a minor correction with a pullback structure. The aggressive correction will occur only if it breaks the immediate support level with some minor consolidation.
The global market is still maintaining a moderately bearish trend, supported by the Dow Jones, while our local market sentiment also indicates a moderately bearish trend. It might open with a neutral to slightly gap-up start, as suggested by GiftNifty, showing an increase of +30.
Nifty and BankNifty have the same structure, and structurally there is a sub-wave 4th going on. It's a consolidation zone, so if the market opens with a gap-up and sustains it, then we can expect a range market. However, if the market sustains around the Fibonacci level of 78%, it could break out. Even though it breaks the Fibonacci level of 78%, structurally, it may not take that much of a rally because the upcoming wave is a 5th wave, and the 5th wave is typically a distribution wave.
Alternatively, if the gap-up doesn't sustain and declines initially, we can expect a minor correction with a pullback structure. The aggressive correction will occur only if it breaks the immediate support level with some minor consolidation.