Good morning, friends! 🌺🍬 Here are the directions for May 31st:
The global market continues to show a bearish sentiment based on the Dow Jones, while our local market also shows a bearish trend. Today, the market may open with a slight gap-down, as indicated by GiftNifty, which shows a decrease of 25 points.
Nifty and Banknifty moved in different paths in the last session. What about today? I think it may continue a little bit. OK, let's look at the Nifty chart first.
Even though Nifty fell, it had a solid pullback in the last half hour, so even if the market opens with a gap-down, it may try to bounce back initially because the structures suggest that. If this happens, we can expect a range market between the 38% upside resistance and the previous low. if it happens, the second half might enter a correction phase. but This is not necessary, is our first variation.
The alternate scenario suggests that if the initial market takes a solid pullback and reaches the 38% Fib level, we can try a breakout entry that may reach the 50% Fib level. If this happens, it could retrace a little bit and continue consolidating further. However, if it breaks 50% after the consolidation, we can expect a rally continuation.
The global market continues to show a bearish sentiment based on the Dow Jones, while our local market also shows a bearish trend. Today, the market may open with a slight gap-down, as indicated by GiftNifty, which shows a decrease of 25 points.
Nifty and Banknifty moved in different paths in the last session. What about today? I think it may continue a little bit. OK, let's look at the Nifty chart first.
Even though Nifty fell, it had a solid pullback in the last half hour, so even if the market opens with a gap-down, it may try to bounce back initially because the structures suggest that. If this happens, we can expect a range market between the 38% upside resistance and the previous low. if it happens, the second half might enter a correction phase. but This is not necessary, is our first variation.
The alternate scenario suggests that if the initial market takes a solid pullback and reaches the 38% Fib level, we can try a breakout entry that may reach the 50% Fib level. If this happens, it could retrace a little bit and continue consolidating further. However, if it breaks 50% after the consolidation, we can expect a rally continuation.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.