Good morning, friends! Here are the directions for April 9th:
The global market trend is still moderately bearish, supported by the Dow Jones, while our local market sentiment indicates a bullish trend. It might open with a slightly neutral to a gap-up start, as suggested by Giftnifty, showing a +60 point.
Nifty made another new high yesterday. Structurally, it may continue further if it breaks the previous high. So, if the gap-up sustains, then we can expect the rally continuation with minor consolidation. The reversal will occur only if it breaks the Fibonacci level 38% in the minor swing, meaning if it rejects any one of the resistance and the retracement breaks 38%, then only can we expect a reversal.
An alternate view is similar to the above one: if the gap-up doesn't sustain, then we can expect initially minor correction that will reach a minimum of 23 to 38% Fibonacci level. The structure indicates a range market, so it might bounce back around 38% after the minor correction. However, if it breaks the Fibonacci level 38%, then it may turn into a correction phase.
The global market trend is still moderately bearish, supported by the Dow Jones, while our local market sentiment indicates a bullish trend. It might open with a slightly neutral to a gap-up start, as suggested by Giftnifty, showing a +60 point.
Nifty made another new high yesterday. Structurally, it may continue further if it breaks the previous high. So, if the gap-up sustains, then we can expect the rally continuation with minor consolidation. The reversal will occur only if it breaks the Fibonacci level 38% in the minor swing, meaning if it rejects any one of the resistance and the retracement breaks 38%, then only can we expect a reversal.
An alternate view is similar to the above one: if the gap-up doesn't sustain, then we can expect initially minor correction that will reach a minimum of 23 to 38% Fibonacci level. The structure indicates a range market, so it might bounce back around 38% after the minor correction. However, if it breaks the Fibonacci level 38%, then it may turn into a correction phase.