#Nifty directions and levels for August 9th.
Good morning, friends! 🌞 Here are the directions and levels for August 9th.
Market Overview
Both global and local markets have been trading within a minor range. Today, the market may open with a gap-up, as indicated by a 250-point positive start in GIFT NIFTY.
Nifty and Bank Nifty share the same range-bound market sentiment. Let's take a closer look:
Nifty:
In the previous session, Nifty experienced some minor oscillation due to the monetary policy. However, it closed within Tuesday's range. Structurally, it remains a range-bound market.
> According to Elliott Wave theory, we expect three swings in this range-bound market. With two swings already completed, we are anticipating a third one.
> In today’s market, after the gap-up, if it encounters resistance around the immediate resistance level, it may lead to a correction. if it happens, The corrections are expected to range between 38% to 78% of the minor swing—this is our first scenario.
>In this case, if it consolidates or breaks solidly (at the 61% Fibonacci level on the upside), then the rally will likely continue.
Alternatively, if the gap-up doesn’t sustain or if it rejects around the previous high, the range-bound market will likely continue. Structurally, it could form a triangle pattern. However, trading in range-bound market movements can be somewhat challenging, and premiums may also be affected.
Market Overview
Both global and local markets have been trading within a minor range. Today, the market may open with a gap-up, as indicated by a 250-point positive start in GIFT NIFTY.
Nifty and Bank Nifty share the same range-bound market sentiment. Let's take a closer look:
Nifty:
In the previous session, Nifty experienced some minor oscillation due to the monetary policy. However, it closed within Tuesday's range. Structurally, it remains a range-bound market.
> According to Elliott Wave theory, we expect three swings in this range-bound market. With two swings already completed, we are anticipating a third one.
> In today’s market, after the gap-up, if it encounters resistance around the immediate resistance level, it may lead to a correction. if it happens, The corrections are expected to range between 38% to 78% of the minor swing—this is our first scenario.
>In this case, if it consolidates or breaks solidly (at the 61% Fibonacci level on the upside), then the rally will likely continue.
Alternatively, if the gap-up doesn’t sustain or if it rejects around the previous high, the range-bound market will likely continue. Structurally, it could form a triangle pattern. However, trading in range-bound market movements can be somewhat challenging, and premiums may also be affected.
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.