#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.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.