#Nifty directions and levels for May 27th.
Good morning, friends! 🌺🍬 Here are the directions for May 27th:
The global market is maintaining a bearish sentiment based on the Dow Jones, while our local market suggests a bullish trend. We might see a neutral to slightly gap-down start, as indicated by GiftNifty, which shows a decrease of 10 points.
First, let's look at the bias:
> Whenever consolidation forms after a solid structure, the market may follow that direction. The current structure indicates a bullish sentiment.
> The major weightage stocks (HDFCBANK and RIL) both have solid bullish candles, so if this continues, the index may also continue the rally.
Nifty has consolidated after a sharp rally, and today, GiftNifty is also indicating a neutral start. This suggests that the consolidation may continue for a bit. However, if the initial market takes a pullback, we can expect the rally to continue. According to the wave structure, it could be a sub-wave 5. This is a distribution wave, so it will reach the level of 23097 with less volume. However, if the pullback candle is a solid, long green candle, we could expect the level of 23197.
Alternatively, if the initial market takes a correction, it could continue the correction of the 4th sub-wave, which is a consolidation wave. It may correct to a maximum level of 38%. If it finds support there, we could expect a bounce back.
The global market is maintaining a bearish sentiment based on the Dow Jones, while our local market suggests a bullish trend. We might see a neutral to slightly gap-down start, as indicated by GiftNifty, which shows a decrease of 10 points.
First, let's look at the bias:
> Whenever consolidation forms after a solid structure, the market may follow that direction. The current structure indicates a bullish sentiment.
> The major weightage stocks (HDFCBANK and RIL) both have solid bullish candles, so if this continues, the index may also continue the rally.
Nifty has consolidated after a sharp rally, and today, GiftNifty is also indicating a neutral start. This suggests that the consolidation may continue for a bit. However, if the initial market takes a pullback, we can expect the rally to continue. According to the wave structure, it could be a sub-wave 5. This is a distribution wave, so it will reach the level of 23097 with less volume. However, if the pullback candle is a solid, long green candle, we could expect the level of 23197.
Alternatively, if the initial market takes a correction, it could continue the correction of the 4th sub-wave, which is a consolidation wave. It may correct to a maximum level of 38%. If it finds support there, we could expect a bounce back.
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