#Nifty directions and levels for August 26th.
Good morning, friends! 🌞 Here are the directions and levels for August 26th.
Market Overview
The global market has a bullish sentiment (based on the Dow Jones). Meanwhile, our local market is also maintaining a moderately bullish sentiment. Today, the market may open with a gap-up start, as the SGX Nifty indicates a positive 60-point move as of 8:00 AM.
Both the Nifty and Bank Nifty showed consolidation in the previous session, so we are going to maintain what we observed previously. Let's look at this simply.
Nifty
> In the previous session, Nifty closed with a consolidation structure. Whenever the market consolidates, there is a high probability that it will follow the prevailing direction.
> So, If the gap-up sustains and breaks the consolidation, it could reach a minimum of 24,890, which represents a resistance level. If the market sustains or breaks this level as well, then the rally will likely continue to 24,943.
> In this scenario, if the breakout has a solid rally, it won't respect the supply zone (24,943); it will likely only take some consolidation. On the other hand, if the market reaches there gradually, it will act as strong resistance.
> Alternatively, if the gap-up doesn't sustain or if the market declines initially, the 38% Fibonacci level will act as support. In this case, after the decline, if it finds support at the 38% level, the bullish bias is likely to continue. However, if it breaks the 38% level, it may fall further to the 50% level or swing low on the downside.
Market Overview
The global market has a bullish sentiment (based on the Dow Jones). Meanwhile, our local market is also maintaining a moderately bullish sentiment. Today, the market may open with a gap-up start, as the SGX Nifty indicates a positive 60-point move as of 8:00 AM.
Both the Nifty and Bank Nifty showed consolidation in the previous session, so we are going to maintain what we observed previously. Let's look at this simply.
Nifty
> In the previous session, Nifty closed with a consolidation structure. Whenever the market consolidates, there is a high probability that it will follow the prevailing direction.
> So, If the gap-up sustains and breaks the consolidation, it could reach a minimum of 24,890, which represents a resistance level. If the market sustains or breaks this level as well, then the rally will likely continue to 24,943.
> In this scenario, if the breakout has a solid rally, it won't respect the supply zone (24,943); it will likely only take some consolidation. On the other hand, if the market reaches there gradually, it will act as strong resistance.
> Alternatively, if the gap-up doesn't sustain or if the market declines initially, the 38% Fibonacci level will act as support. In this case, after the decline, if it finds support at the 38% level, the bullish bias is likely to continue. However, if it breaks the 38% level, it may fall further to the 50% level or swing low on the downside.
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