#Nifty directions and levels for June19th.

Good morning, friends! 🌺🍬 Here are the directions for June 19th:

There are no significant changes in the global and our markets. They are maintaining a moderately bullish sentiment. Today, the market may open with a gap-up start, as indicated by GiftNifty, which shows an increase of 70 points (at 8:00 AM).

Nifty has been maintaining consolidation even if it opens with a gap-up. Today may follow a similar pattern. If the market opens with a gap-up, it may consolidate around the supply zone. The rally will continue only if it breaks the supply zone with consolidation or a solid candle breakout occurs. This is the basic structure.

An alternate view from wave analysis suggests that we are currently in the 5th diagonal wave, which is a distribution wave. Structurally, the market is moving accordingly. If the market sharply rejects around the supply zone, we can expect a minimum retracement of 38% in the minor swing. After that, if it breaks the 38% level, it may turn into a correction.