#Nifty directions and levels for August 12th.
Good morning, friends! 🌞 Here are the directions and levels for August 12.
Market Overview
Both global and local markets have been trading within a minor range. Today, the market may open with a neutral start because the SGX Nifty is indicating a positive 5-point move.
Nifty and Bank Nifty share the same range-bound market sentiment. Let's take a closer look:
In the previous session, both Nifty and Bank Nifty closed with consolidation after a significant gap-up. If the market breaks the previous high, then we can expect a minor rally, but not a big one. A big rally is expected only if the breakout occurs with a solid green candle and some consolidation around the immediate resistance level. However, if this doesn't happen, the market may reject at that level and continue in its current range, which is our first scenario.
Alternatively, if the market initially declines, the 38% Fibonacci level will act as a key support. If the market finds support there, the range-bound movement may continue. On the other hand, if it breaks below the 38% level, we can expect the correction to continue.
Market Overview
Both global and local markets have been trading within a minor range. Today, the market may open with a neutral start because the SGX Nifty is indicating a positive 5-point move.
Nifty and Bank Nifty share the same range-bound market sentiment. Let's take a closer look:
In the previous session, both Nifty and Bank Nifty closed with consolidation after a significant gap-up. If the market breaks the previous high, then we can expect a minor rally, but not a big one. A big rally is expected only if the breakout occurs with a solid green candle and some consolidation around the immediate resistance level. However, if this doesn't happen, the market may reject at that level and continue in its current range, which is our first scenario.
Alternatively, if the market initially declines, the 38% Fibonacci level will act as a key support. If the market finds support there, the range-bound movement may continue. On the other hand, if it breaks below the 38% level, we can expect the correction to continue.
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