Good morning, friends! 🌺🍬 Here are the directions for May 22nd:
The global market is still maintaining a bullish sentiment based on the Dow Jones, while our local market sentiment suggests a moderately bullish trend. It might open with a neutral to slightly gap-up start, as suggested by GiftNifty, showing an increase of +30 points.
Nifty closed neutral with minor rejection around the 78% Fibonacci level, while GiftNifty indicates a slightly positive start. Given this sentiment, the market may consolidate between the 78% Fibonacci level and yesterday's closing price. If the market breaks the 78% resistance, we can expect the rally to continue. Moreover, if the 78% resistance is breached without any consolidation, it further confirms a rally.
Alternatively, if the gap-up doesn't sustain or if the market opens with a gap-down, we can expect a minor correction of 38%. Key points to consider:
>If the market reaches the 38% level aggressively, it may fall further with little consolidation.
>On the other hand, if it takes time to reach the 38% level, then the 38% level will act as strong support, and we can expect a bounce back.
The global market is still maintaining a bullish sentiment based on the Dow Jones, while our local market sentiment suggests a moderately bullish trend. It might open with a neutral to slightly gap-up start, as suggested by GiftNifty, showing an increase of +30 points.
Nifty closed neutral with minor rejection around the 78% Fibonacci level, while GiftNifty indicates a slightly positive start. Given this sentiment, the market may consolidate between the 78% Fibonacci level and yesterday's closing price. If the market breaks the 78% resistance, we can expect the rally to continue. Moreover, if the 78% resistance is breached without any consolidation, it further confirms a rally.
Alternatively, if the gap-up doesn't sustain or if the market opens with a gap-down, we can expect a minor correction of 38%. Key points to consider:
>If the market reaches the 38% level aggressively, it may fall further with little consolidation.
>On the other hand, if it takes time to reach the 38% level, then the 38% level will act as strong support, and we can expect a bounce back.