Good morning, friends! Here are the directions for April 22nd:
The global market trend is bearish, supported by the Dow Jones, while our local market sentiment also indicates a moderately bullish trend. It might open with a gap-up start, as suggested by GiftNifty, showing a +160 point increase.
Nifty had a solid pullback in the previous session. GiftNifty suggests that the pullback will continue into today's opening. The market may open with a minimum of 100 points positive; however, if it rejects around the immediate resistance level, it could retrace by a minimum of 23% to 38%. If this correction occurs, could we take it as a bearish trend structurally? The answer is no. Because the previous pullback occurred in a three-wave structure, then we can consider this correction as bearish. If the pullback were in a straight line, representing a single wave, then the bearish bias would be much less. After the minor correction, it may resume another pullback, indicating a range-bound market.
Alternatively, if the opening market has a solid structure, then it may further rally with minor consolidations.
The global market trend is bearish, supported by the Dow Jones, while our local market sentiment also indicates a moderately bullish trend. It might open with a gap-up start, as suggested by GiftNifty, showing a +160 point increase.
Nifty had a solid pullback in the previous session. GiftNifty suggests that the pullback will continue into today's opening. The market may open with a minimum of 100 points positive; however, if it rejects around the immediate resistance level, it could retrace by a minimum of 23% to 38%. If this correction occurs, could we take it as a bearish trend structurally? The answer is no. Because the previous pullback occurred in a three-wave structure, then we can consider this correction as bearish. If the pullback were in a straight line, representing a single wave, then the bearish bias would be much less. After the minor correction, it may resume another pullback, indicating a range-bound market.
Alternatively, if the opening market has a solid structure, then it may further rally with minor consolidations.