"Good morning, friends! Here are the directions for February 26th: The global market is bullish, supported by the Dow Jones, while our local market sentiment indicates a moderately bullish trend. It might open with a neutral to slightly gap-down start, as suggested by Giftnifty, showing a -20 point decrease.
Nifty has a consolidation structure followed by a sharp rally, structurally this is a bullish formation. So, even though if the market opens with a gap-down, we can expect a pullback around 38 or 50%. If the market finds support there, then we can expect a range market initially. After that, if the range market breaks to the upside, then we can expect the rally continuation.
Alternatively, if the gap-down breaks the fib level 50% or consolidates around there, then the correction might continue, and it will reach the next target fib level 78% with minor pullbacks.
Nifty has a consolidation structure followed by a sharp rally, structurally this is a bullish formation. So, even though if the market opens with a gap-down, we can expect a pullback around 38 or 50%. If the market finds support there, then we can expect a range market initially. After that, if the range market breaks to the upside, then we can expect the rally continuation.
Alternatively, if the gap-down breaks the fib level 50% or consolidates around there, then the correction might continue, and it will reach the next target fib level 78% with minor pullbacks.