#Nifty directions and levels for July 19th.
Good morning, friends! 🌺🍬 Here are the directions for July 19th:
In the last session, the Dow Jones fell drastically, indicating a negative bias. Our local market has a mixed bullish sentiment. Today, the market may open with a neutral to slightly gap-up start, as indicated by the Gift Nifty, which shows a +10 points.
Nifty and Bank Nifty are showing different structures. Nifty has a solid bullish structure, while Bank Nifty is in consolidation. Let's look at this one by one.
Nifty:
In the previous session, Nifty had a huge movement at the end of the day, making a new high with a solid handle. What’s next? I will explain step by step to help you easily understand.
Point 1: If you roughly look at the chart, it shows a solid bullish structure. You can expect the rally to continue if it breaks the previous high. This is the basic structure.
Point 2: But even if made a new high with solid candle The RSI did not break the previous high in 4H, 1H, or even 15min. At the same time, the Dow Jones also fell drastically.
Point 3: And if u look at the Bank Nifty it did not participate in this rally. but it has a consolidation. If it breaks the consolidation, it may help continue the rally. The probability is uncertain.
Considering these three points, it’s complicated to conclude the direction. Here’s my opinion: if the market breaks the previous high and Bank Nifty supports it, we can enter a long position, which may yield better results. Alternatively, if there is a solid breakout candle, you can enter, but the decision is yours. This is our bullish variation.
Bearish view:
Alternatively, if the market declines initially, we could wait for the 38% Fibonacci level breakout. If it breaks, we can expect a correction of a minimum of 50% to 78%. On the other hand, if it doesn’t break 38%, then it will maintain the bullish bias.
In the last session, the Dow Jones fell drastically, indicating a negative bias. Our local market has a mixed bullish sentiment. Today, the market may open with a neutral to slightly gap-up start, as indicated by the Gift Nifty, which shows a +10 points.
Nifty and Bank Nifty are showing different structures. Nifty has a solid bullish structure, while Bank Nifty is in consolidation. Let's look at this one by one.
Nifty:
In the previous session, Nifty had a huge movement at the end of the day, making a new high with a solid handle. What’s next? I will explain step by step to help you easily understand.
Point 1: If you roughly look at the chart, it shows a solid bullish structure. You can expect the rally to continue if it breaks the previous high. This is the basic structure.
Point 2: But even if made a new high with solid candle The RSI did not break the previous high in 4H, 1H, or even 15min. At the same time, the Dow Jones also fell drastically.
Point 3: And if u look at the Bank Nifty it did not participate in this rally. but it has a consolidation. If it breaks the consolidation, it may help continue the rally. The probability is uncertain.
Considering these three points, it’s complicated to conclude the direction. Here’s my opinion: if the market breaks the previous high and Bank Nifty supports it, we can enter a long position, which may yield better results. Alternatively, if there is a solid breakout candle, you can enter, but the decision is yours. This is our bullish variation.
Bearish view:
Alternatively, if the market declines initially, we could wait for the 38% Fibonacci level breakout. If it breaks, we can expect a correction of a minimum of 50% to 78%. On the other hand, if it doesn’t break 38%, then it will maintain the bullish bias.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.