Good morning, friends! 🌺🍬 Here are the directions for May 24th:
The global market is showing a bearish sentiment based on the Dow Jones, while our local market suggests a super bullish trend. We might see a neutral to slightly gap-down start, as indicated by GiftNifty, which shows a decrease of 80 points.
Nifty has broken its all-time high with a solid structure. Structurally, the rally may continue, but GiftNifty indicates a negative start. If the market opens with a gap-down, we can expect a minor correction of up to 38% to 50%. After that, if it finds support there (38 or 50%), it may continue the bullish trend with some range-bound movement between the previous high and the upcoming low.
Alternatively, if the gap-down doesn’t sustain and there is an initial sharp pullback, the rally will likely continue with some minor consolidation.
The global market is showing a bearish sentiment based on the Dow Jones, while our local market suggests a super bullish trend. We might see a neutral to slightly gap-down start, as indicated by GiftNifty, which shows a decrease of 80 points.
Nifty has broken its all-time high with a solid structure. Structurally, the rally may continue, but GiftNifty indicates a negative start. If the market opens with a gap-down, we can expect a minor correction of up to 38% to 50%. After that, if it finds support there (38 or 50%), it may continue the bullish trend with some range-bound movement between the previous high and the upcoming low.
Alternatively, if the gap-down doesn’t sustain and there is an initial sharp pullback, the rally will likely continue with some minor consolidation.