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Here are the market directions and levels for July 24th:
The global market is showing a moderately bullish sentiment.
Meanwhile, the local market is also exhibiting a moderately bullish tone.
Today, Gift Nifty indicates a gap-up opening of around 60 points.
What can we expect today?
In the previous session, both Nifty and Bank Nifty took a solid pullback.
At the same time, the open interest also shifted to the bullish side.
So, if the gap-up sustains, we can expect the pullback continuation.
Also, as it’s a new moon day(for south), some volatility can be expected.
Let’s look at the charts:
Current View:
The current view suggests that, as mentioned above,
if the gap-up sustains, we can expect a rally continuation with some consolidation.
In this case, the parameters are showing slight strength,
so the rejection zone may act just around the minor resistance.
Alternate View:
The alternate view suggests that
if the gap-up does not sustain or if the market rejects near immediate resistance with a solid reversal,
then we can expect a minor correction of around 23% to 38%.
However, unless the market breaks below the 38% level,
we cannot confirm a reversal into a bearish trend.
Here are the market directions and levels for July 24th:
The global market is showing a moderately bullish sentiment.
Meanwhile, the local market is also exhibiting a moderately bullish tone.
Today, Gift Nifty indicates a gap-up opening of around 60 points.
What can we expect today?
In the previous session, both Nifty and Bank Nifty took a solid pullback.
At the same time, the open interest also shifted to the bullish side.
So, if the gap-up sustains, we can expect the pullback continuation.
Also, as it’s a new moon day(for south), some volatility can be expected.
Let’s look at the charts:
Current View:
The current view suggests that, as mentioned above,
if the gap-up sustains, we can expect a rally continuation with some consolidation.
In this case, the parameters are showing slight strength,
so the rejection zone may act just around the minor resistance.
Alternate View:
The alternate view suggests that
if the gap-up does not sustain or if the market rejects near immediate resistance with a solid reversal,
then we can expect a minor correction of around 23% to 38%.
However, unless the market breaks below the 38% level,
we cannot confirm a reversal into a bearish trend.
Disclaimer
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.
Disclaimer
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.