Good morning, friends! 🌺🍬 Here are the directions for June 26th:
The global market is showing a slightly negative sentiment, based on the Dow Jones. Our local markets are showing bullish sentiment. However, today, the market may open with a neutral to slightly gap-down start, as indicated by GiftNifty, which shows a decrease of 10 points (as of 8:00 AM).
Nifty and Bank Nifty had a solid rally in the previous session. However, the structures are a little bit different. Let's look at each one individually.
Nifty had a solid pullback in the previous session, so if the market opens neutral to slightly gap-down, then structurally, we can expect a maximum 23 to 38% correction. If it finds support there, we can expect minor consolidation for the rally continuation. This is the basic structure.
On the other hand, if it breaks the 38% Fibonacci level on the downside, it may continue the correction further. Structurally, it could be in a flat correction.
(Note: If the initial market takes a pullback and breaks the previous high, then the rally may continue further. However, the momentum could be less, so we can't expect a big rally. If we want a big rally, it would require a solid candle breakout or a minor consolidation around the immediate resistance level.)
The global market is showing a slightly negative sentiment, based on the Dow Jones. Our local markets are showing bullish sentiment. However, today, the market may open with a neutral to slightly gap-down start, as indicated by GiftNifty, which shows a decrease of 10 points (as of 8:00 AM).
Nifty and Bank Nifty had a solid rally in the previous session. However, the structures are a little bit different. Let's look at each one individually.
Nifty had a solid pullback in the previous session, so if the market opens neutral to slightly gap-down, then structurally, we can expect a maximum 23 to 38% correction. If it finds support there, we can expect minor consolidation for the rally continuation. This is the basic structure.
On the other hand, if it breaks the 38% Fibonacci level on the downside, it may continue the correction further. Structurally, it could be in a flat correction.
(Note: If the initial market takes a pullback and breaks the previous high, then the rally may continue further. However, the momentum could be less, so we can't expect a big rally. If we want a big rally, it would require a solid candle breakout or a minor consolidation around the immediate resistance level.)