#Nifty directions and levels for August 30th.
Good morning, friends! 🌞 Here are the directions and levels for August 30th.
Market Overview
The global and local markets are still maintaining their current sentiments. Globally, the market is in a consolidation phase with a bullish outlook, supported by the Dow Jones. Locally, the market shows a moderately bullish sentiment. Today, the market may open with a neutral to slightly gap-up start, as the SGX Nifty indicates a positive 40-point move as of 8:00 AM.
> Both Nifty and Banknifty are still adjusting to their time patterns. Nifty is following an expanding diagonal pattern, while Banknifty is moving within a range.
> Currently, Nifty is setting up for its next movement, but Banknifty is not yet aligning with this direction. We can expect a similar sentiment today due to the structural patterns.
> However, if Banknifty breaks to the upside decisively, it could lead to a long rally for both Nifty and Banknifty, as Banknifty has been consolidating after a long rally and might be forming a flag pattern.
Today's Charts
Nifty
Current View:
The gift Nifty indicates a slightly positive start. If the market opens with a gap-up, it may reach the supply zone on the upside. If the market consolidates there or breaks through the supply zone decisively, the rally is likely to continue. This is our first scenario. However, considering the diagonal pattern, there is also a possibility of rejection. I will outline this in the alternate view.
Alternate View:
If the market initially declines or experiences a rejection at the supply zone, a correction of 23% to 38% may follow. Should the market break below the 38% Fibonacci level, it could continue in an expanding diagonal structure, with a potential correctional target of 61% to 78%. Conversely, if the 38% Fibonacci level holds, the market may sustain its bullish bias.
Market Overview
The global and local markets are still maintaining their current sentiments. Globally, the market is in a consolidation phase with a bullish outlook, supported by the Dow Jones. Locally, the market shows a moderately bullish sentiment. Today, the market may open with a neutral to slightly gap-up start, as the SGX Nifty indicates a positive 40-point move as of 8:00 AM.
> Both Nifty and Banknifty are still adjusting to their time patterns. Nifty is following an expanding diagonal pattern, while Banknifty is moving within a range.
> Currently, Nifty is setting up for its next movement, but Banknifty is not yet aligning with this direction. We can expect a similar sentiment today due to the structural patterns.
> However, if Banknifty breaks to the upside decisively, it could lead to a long rally for both Nifty and Banknifty, as Banknifty has been consolidating after a long rally and might be forming a flag pattern.
Today's Charts
Nifty
Current View:
The gift Nifty indicates a slightly positive start. If the market opens with a gap-up, it may reach the supply zone on the upside. If the market consolidates there or breaks through the supply zone decisively, the rally is likely to continue. This is our first scenario. However, considering the diagonal pattern, there is also a possibility of rejection. I will outline this in the alternate view.
Alternate View:
If the market initially declines or experiences a rejection at the supply zone, a correction of 23% to 38% may follow. Should the market break below the 38% Fibonacci level, it could continue in an expanding diagonal structure, with a potential correctional target of 61% to 78%. Conversely, if the 38% Fibonacci level holds, the market may sustain its bullish bias.
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