#Nifty directions and levels for July 3rd.
Good morning, friends! 🌺🍬 Here are the directions for July 3rd:
The global market continues to range based on the Dow Jones. Our local markets are showing moderately bullish sentiment. However, today, the market may open with a gap-up start, as indicated by GiftNifty, which shows an increase of 80 points (as of 8:00 AM).
Yesterday also, Nifty performed slightly better than Banknifty, and their structures also differ slightly. Let's look at each one individually.
> Nifty was rejected around its all-time high in yesterday's session. Today, GiftNifty is showing a gap-up start, so the market might break the all-time high once again today.
> But if you ask if we can expect a sharp rally if the market breaks the all-time high, structurally the probability is less.
> The wave suggests that if the gap-up sustains, we can expect a diagonal pattern. This means if the market rejects around the immediate resistance level, it could retrace a maximum of 38% to 61%, but it won't break the previous day's low. This is our first variation.
> In this variation, the rally continuation will occur only if it breaks the supply zone with minor consolidation.
Alternatively, if the gap-up doesn't sustain or if the initial market takes a sharp decline, we can expect a range-bound market between the past two trading session ranges.
The global market continues to range based on the Dow Jones. Our local markets are showing moderately bullish sentiment. However, today, the market may open with a gap-up start, as indicated by GiftNifty, which shows an increase of 80 points (as of 8:00 AM).
Yesterday also, Nifty performed slightly better than Banknifty, and their structures also differ slightly. Let's look at each one individually.
> Nifty was rejected around its all-time high in yesterday's session. Today, GiftNifty is showing a gap-up start, so the market might break the all-time high once again today.
> But if you ask if we can expect a sharp rally if the market breaks the all-time high, structurally the probability is less.
> The wave suggests that if the gap-up sustains, we can expect a diagonal pattern. This means if the market rejects around the immediate resistance level, it could retrace a maximum of 38% to 61%, but it won't break the previous day's low. This is our first variation.
> In this variation, the rally continuation will occur only if it breaks the supply zone with minor consolidation.
Alternatively, if the gap-up doesn't sustain or if the initial market takes a sharp decline, we can expect a range-bound market between the past two trading session ranges.
Penafian
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