#Nifty directions and levels for June 10th.
Good morning, friends! 🌺🍬 Here are the directions for June 10th:
There are no significant changes in the global market. It is still maintaining a moderately bullish sentiment based on the Dow Jones, while our local market also maintains a bullish trend. Today, the market may open with a neutral to slightly gap-down start, as indicated by GiftNifty, which shows a decrease of 40 points.
Nifty and BankNifty both have the same sentiment, with no significant changes in direction.
Nifty has closed near its all-time high. Psychologically, this is a major resistance level. The current picture suggests a range-bound movement rather than a clear direction because the immediate resistance levels and wave structures are somewhat uncertain, like a cat on the wall. Let me describe the possible directions one by one. Let's look at the directions:
> If the market breaks the level of 23,401, either with consolidation or a solid breakout, we can expect a move to a minimum of 23,503, reaching the supply zone.
> On the other hand, if the market sustains the gap-down or if it rejects around 23,401 (if an initial pullback occurs), then we can expect a minimum correction of 38%.
>According to the structure, the 38% level could act as strong resistance in a trending market, so if the market finds support around 38%, we can expect the rally to continue with some consolidation.
My personal opinion is that if the market takes a correction, we can expect a minimum move to the 78% Fibonacci level. It may consolidate around either the 38% or 50% level, but it won't sustain for long.
There are no significant changes in the global market. It is still maintaining a moderately bullish sentiment based on the Dow Jones, while our local market also maintains a bullish trend. Today, the market may open with a neutral to slightly gap-down start, as indicated by GiftNifty, which shows a decrease of 40 points.
Nifty and BankNifty both have the same sentiment, with no significant changes in direction.
Nifty has closed near its all-time high. Psychologically, this is a major resistance level. The current picture suggests a range-bound movement rather than a clear direction because the immediate resistance levels and wave structures are somewhat uncertain, like a cat on the wall. Let me describe the possible directions one by one. Let's look at the directions:
> If the market breaks the level of 23,401, either with consolidation or a solid breakout, we can expect a move to a minimum of 23,503, reaching the supply zone.
> On the other hand, if the market sustains the gap-down or if it rejects around 23,401 (if an initial pullback occurs), then we can expect a minimum correction of 38%.
>According to the structure, the 38% level could act as strong resistance in a trending market, so if the market finds support around 38%, we can expect the rally to continue with some consolidation.
My personal opinion is that if the market takes a correction, we can expect a minimum move to the 78% Fibonacci level. It may consolidate around either the 38% or 50% level, but it won't sustain for long.
Penafian
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