#Nifty directions and levels for February 5th:

Good Morning, Friends! 🌞

Here are the market directions and levels for February 5th:

There haven’t been any major changes in the global markets, which still show a bullish sentiment (as seen in the Dow Jones). Our local market is also showing a moderately bullish sentiment. Today, the market may open with a neutral to slight gap-up, as the GiftNifty indicates a positive sign of 70 points.

In the previous session, both Nifty and Bank Nifty had a solid rally, suggesting further continuation. However, some parameters have a neutral bias.

In my view, we can expect a rally only if it effectively breaks the 23,822 level. If it does, we can anticipate a solid rally. On the other hand, if it rejects around the supply zone or if the market declines initially, we can expect a retracement of 38% to 61% in the minor swing.