#Nifty directions and levels for May 9th.
Good morning, friends🌺🍬! Here are the directions for May 9th:
Still, the global market maintains a moderately bullish sentiment, while our local market sentiment indicates a moderately bearish trend. It might open with a neutral to slightly gap-down start, as suggested by GiftNifty, showing a decrease of -15.
Nifty had a solid pullback after the minor correction in the previous session, but it didn't sustain. This structure suggests that even if the market opens with a gap down, if it takes a pullback initially, then we can expect a 50 to 61% Fibonacci level pullback with minor consolidation. This is also applicable in a gap-up situation.
Alternatively, if the gap-down breaks the previous bottom, then the correction will likely continue with minor consolidation.
Note: one more thing, there is a 38% Fibonacci level support. Structurally, the market may consolidate over there, but it won't sustain.
But, if the first stock experiences a sharp rejection, it may turn into a bullish sentiment.
Still, the global market maintains a moderately bullish sentiment, while our local market sentiment indicates a moderately bearish trend. It might open with a neutral to slightly gap-down start, as suggested by GiftNifty, showing a decrease of -15.
Nifty had a solid pullback after the minor correction in the previous session, but it didn't sustain. This structure suggests that even if the market opens with a gap down, if it takes a pullback initially, then we can expect a 50 to 61% Fibonacci level pullback with minor consolidation. This is also applicable in a gap-up situation.
Alternatively, if the gap-down breaks the previous bottom, then the correction will likely continue with minor consolidation.
Note: one more thing, there is a 38% Fibonacci level support. Structurally, the market may consolidate over there, but it won't sustain.
But, if the first stock experiences a sharp rejection, it may turn into a bullish sentiment.
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