#Banknifty directions and levels for June25th.
Good morning, friends! 🌺🍬 Here are the directions for June 25th:
There is no significant difference. The global market is showing a moderately bullish sentiment, based on the Dow Jones. Our local markets are also maintaining this moderately bullish sentiment. However, today, the market may open with a neutral to slightly gap-up start, as indicated by GiftNifty, which shows an increase of 35 points (as of 8:00 AM).
Nifty and BankNifty are still maintaining the range-bound structure, so structurally, today might continue in this manner. If we search for a range breakout, we can see a flag pattern (chart pattern) in both Nifty and BankNifty. This means yesterday's pullback has the flag pattern structure. But what is the probability here? I will explain it in detail.
1. The first thing is it's a range-bound market.
2. The second thing is there is a flag pattern formed within the range.
3. If we look at the nature of the flag pattern, it is a trend continuation pattern in a trending market.
4. But what's here? This is a range market, so the pattern's success probability is less.
5. So, if the market takes a bullish bias initially, we can expect 78% of the pole length in the flag pattern. After that, if it consolidates, then the rally will likely continue.
Alternatively, if the gap-up doesn't sustain, then the range market will likely continue. Trading in a range market is a bit difficult. However, we could enter only if it breaks the downside 38% Fibonacci level.
There is no significant difference. The global market is showing a moderately bullish sentiment, based on the Dow Jones. Our local markets are also maintaining this moderately bullish sentiment. However, today, the market may open with a neutral to slightly gap-up start, as indicated by GiftNifty, which shows an increase of 35 points (as of 8:00 AM).
Nifty and BankNifty are still maintaining the range-bound structure, so structurally, today might continue in this manner. If we search for a range breakout, we can see a flag pattern (chart pattern) in both Nifty and BankNifty. This means yesterday's pullback has the flag pattern structure. But what is the probability here? I will explain it in detail.
1. The first thing is it's a range-bound market.
2. The second thing is there is a flag pattern formed within the range.
3. If we look at the nature of the flag pattern, it is a trend continuation pattern in a trending market.
4. But what's here? This is a range market, so the pattern's success probability is less.
5. So, if the market takes a bullish bias initially, we can expect 78% of the pole length in the flag pattern. After that, if it consolidates, then the rally will likely continue.
Alternatively, if the gap-up doesn't sustain, then the range market will likely continue. Trading in a range market is a bit difficult. However, we could enter only if it breaks the downside 38% Fibonacci level.
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