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Here are the market directions and levels for February 21:
Market Overview
The global market has a slightly negative bias; however, the structure remains bullish (as indicated by the Dow Jones). Our local market is maintaining a moderately bearish sentiment. Today, the market may open neutral to slightly gapping down, as the Gift Nifty indicates a negative move of 50 points.
In the previous session, both markets consolidated after a gap-down start. What about today? Structurally, we are still in a range, so it may continue in that manner. However, in the previous session, apart from HDFC Bank, all banking stocks performed well. If HDFC Bank supports the market today, we can expect some positive bias; conversely, if it does not support, the market may consolidate or correct. Just my opinion—let's look at the chart.
Nifty Current View:
The current view indicates that the Gift Nifty is suggesting a gap-down start. If the market finds support around the 78% level, or if the initial market takes a solid pullback without breaking the previous day's low, we can expect a pullback of a minimum of 38% to 78% within the range. After that, if it breaks the top of the range, we can expect a continuation of the rally, based on the structure.
Alternate View:
The alternate view suggests that if the gap-down has a solid structure and consolidates around the 78% to minor pullback zone, then the correction will likely continue to 22,725 to 38%.
Here are the market directions and levels for February 21:
Market Overview
The global market has a slightly negative bias; however, the structure remains bullish (as indicated by the Dow Jones). Our local market is maintaining a moderately bearish sentiment. Today, the market may open neutral to slightly gapping down, as the Gift Nifty indicates a negative move of 50 points.
In the previous session, both markets consolidated after a gap-down start. What about today? Structurally, we are still in a range, so it may continue in that manner. However, in the previous session, apart from HDFC Bank, all banking stocks performed well. If HDFC Bank supports the market today, we can expect some positive bias; conversely, if it does not support, the market may consolidate or correct. Just my opinion—let's look at the chart.
Nifty Current View:
The current view indicates that the Gift Nifty is suggesting a gap-down start. If the market finds support around the 78% level, or if the initial market takes a solid pullback without breaking the previous day's low, we can expect a pullback of a minimum of 38% to 78% within the range. After that, if it breaks the top of the range, we can expect a continuation of the rally, based on the structure.
Alternate View:
The alternate view suggests that if the gap-down has a solid structure and consolidates around the 78% to minor pullback zone, then the correction will likely continue to 22,725 to 38%.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Thông báo miễn trừ trách nhiệm
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.