"Good morning, friends! Here are the directions for February 22nd: The global market sentiment remains moderately bullish, supported by the Dow Jones, while our local market sentiment indicates a moderately bearish trend. It might open with a gap-up start, as suggested by Giftnifty, showing a +90 point increase.
Nifty had fallen sharply in the last session; however, Giftnifty indicates a 90-point positive start. This sentiment suggests a ranging market. So, if the gap-up sustains, we can expect a ranging market initially. After that, if it breaks the previous high, then we can anticipate a continuation of the rally. This is the basic structure.
Alternatively, if the gap-up doesn't sustain, then we can expect a minor correction. After that, if it finds support around 21920 to 50%, we can expect a minimum of a 23 to 38% pullback wave. However, if it consolidates or breaks that level solidly, then the correction will continue further.
Nifty had fallen sharply in the last session; however, Giftnifty indicates a 90-point positive start. This sentiment suggests a ranging market. So, if the gap-up sustains, we can expect a ranging market initially. After that, if it breaks the previous high, then we can anticipate a continuation of the rally. This is the basic structure.
Alternatively, if the gap-up doesn't sustain, then we can expect a minor correction. After that, if it finds support around 21920 to 50%, we can expect a minimum of a 23 to 38% pullback wave. However, if it consolidates or breaks that level solidly, then the correction will continue further.