#Nifty Direction's and levels for July 30th.
Good morning, friends! 🌺🍬 Here are the market directions for July 30th:
Even though both global and local markets have experienced a correction structurally, it is a moderately bullish market. Today, the market may open with a gap-down start, as indicated by the GIFT Nifty, showing -80 points at 8:00 am.
Structurally, Nifty and Bank Nifty differ. Let's examine each one:
Nifty:
In the previous session, Nifty opened with a gap-up, but there was no continued rally, and it fell drastically mid-market. What's next?
> As per the weekly analysis, it could be in the 4th wave and has already reached the 23% Fibonacci level. If the market finds support around the 38% Fibonacci level today, we can initially expect it to range between the previous high and the 38% Fibonacci level. If it then breaks the previous high, the 5th wave may continue,
> with pullback targets expected to be a minimum of 61% to 78%, which is the usual range market target.
> The alternate view suggests that if the gap-down sustains and breaks the 38% Fibonacci level, it may turn into a correction. If this happens, we can expect a minimum target level of 50%. After that, if the market breaks this level with minor consolidation, the correction will likely continue. However, if it is sharply rejected, we may also expect a range market, but the probability is lower.
Even though both global and local markets have experienced a correction structurally, it is a moderately bullish market. Today, the market may open with a gap-down start, as indicated by the GIFT Nifty, showing -80 points at 8:00 am.
Structurally, Nifty and Bank Nifty differ. Let's examine each one:
Nifty:
In the previous session, Nifty opened with a gap-up, but there was no continued rally, and it fell drastically mid-market. What's next?
> As per the weekly analysis, it could be in the 4th wave and has already reached the 23% Fibonacci level. If the market finds support around the 38% Fibonacci level today, we can initially expect it to range between the previous high and the 38% Fibonacci level. If it then breaks the previous high, the 5th wave may continue,
> with pullback targets expected to be a minimum of 61% to 78%, which is the usual range market target.
> The alternate view suggests that if the gap-down sustains and breaks the 38% Fibonacci level, it may turn into a correction. If this happens, we can expect a minimum target level of 50%. After that, if the market breaks this level with minor consolidation, the correction will likely continue. However, if it is sharply rejected, we may also expect a range market, but the probability is lower.
Penafian
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