#Nifty directions and levels for July 16th.
Good morning, friends! 🌺🍬 Here are the directions for July 16th:
Global markets are maintaining their range (based on the Dow Jones). Our local market has a moderately bullish trend. Today, the market may open neutral to slightly gap-down, as indicated by GiftNifty, which shows a decrease of 13 points at 8:00 am.
Nifty and Bank Nifty have different structures: Nifty indicates a moderately bullish bias, while Bank Nifty indicates a range-bound market. Let's look at each one.
Nifty:
In the previous session, Nifty maintained a gap-up sentiment, but there was no big movement. Based on the wave structure, it could be a 5th wave, meaning a distribution wave. So, today we might see an initial correction. This is our first variation.
Alternatively, if the market pulls back and consolidates or breaks the supply zone, we can expect the rally to continue. in this case, If the market doesn't break the supply zone, it may consolidate between the supply zone and the 38% Fibonacci level in the minor swing.
> Without breaking this 38% level, it may maintain a bullish bias. A correction is expected only if it breaks the 38% level in the minor swing.
> that means, If it sharply rejects around the supply zone and breaks the 38% Fibonacci level in the minor swing, it may turn into a correction.
Global markets are maintaining their range (based on the Dow Jones). Our local market has a moderately bullish trend. Today, the market may open neutral to slightly gap-down, as indicated by GiftNifty, which shows a decrease of 13 points at 8:00 am.
Nifty and Bank Nifty have different structures: Nifty indicates a moderately bullish bias, while Bank Nifty indicates a range-bound market. Let's look at each one.
Nifty:
In the previous session, Nifty maintained a gap-up sentiment, but there was no big movement. Based on the wave structure, it could be a 5th wave, meaning a distribution wave. So, today we might see an initial correction. This is our first variation.
Alternatively, if the market pulls back and consolidates or breaks the supply zone, we can expect the rally to continue. in this case, If the market doesn't break the supply zone, it may consolidate between the supply zone and the 38% Fibonacci level in the minor swing.
> Without breaking this 38% level, it may maintain a bullish bias. A correction is expected only if it breaks the 38% level in the minor swing.
> that means, If it sharply rejects around the supply zone and breaks the 38% Fibonacci level in the minor swing, it may turn into a correction.
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