"Good morning, friends! Here are the directions for March 1st: The global market trend is moderately bearish, supported by the Dow Jones, while our local market sentiment indicates a moderately bearish trend. It might open with a neutral to slightly gap-up start, as suggested by Giftnifty, showing a +40 point.
Nifty closed +30 points with a range-bound structure in the last session. Giftnifty indicates a gap-up start. If the market opens with a gap-up, then 22102 will act as super resistance. So, if it breaks or consolidates, the rally will continue further.
Alternatively, if the market rejects there or if the initial market declines sharply, then structurally the range market will continue. But, we could wait for the 38% Fib level breakout for confirmation. If it breaks the 38%, then we can expect a 61 to 78% correction.
Nifty closed +30 points with a range-bound structure in the last session. Giftnifty indicates a gap-up start. If the market opens with a gap-up, then 22102 will act as super resistance. So, if it breaks or consolidates, the rally will continue further.
Alternatively, if the market rejects there or if the initial market declines sharply, then structurally the range market will continue. But, we could wait for the 38% Fib level breakout for confirmation. If it breaks the 38%, then we can expect a 61 to 78% correction.