#Nifty directions and levels for May 15th.
Good morning, friends! 🌺🍬 Here are the directions for May 15th:
There have been no changes in the global and our local markets. The global market still maintains a moderately bullish sentiment (based on the Dow Jones), while our local market sentiment also indicates a moderately bullish trend. It might open with a neutral to slightly gap-up start, as suggested by GiftNifty, showing an increase of +50.
Nifty continued its rally in the previous session and broke a Fibonacci level of 38%. Even if it breaks this 38% level, the structure has a diagonal formation indicating a distribution pattern. Therefore, if the gap-up doesn’t sustain and there is a sharp decline, the market may retrace a minimum of 38% to 61%. after that If it consolidates around the support level of 61%, the correction will continue if it breaks the previous low. On the other hand, if it finds support around the 61% Fibonacci level, we can expect a bounce back that may reach the day’s opening price level.
An alternate scenario suggests that if the gap-up sustains and breaks the 50% Fibonacci level, it may continue the pullback in a diagonal structure. However, if the opening market has a solid structure, we can expect a sharp rally.
There have been no changes in the global and our local markets. The global market still maintains a moderately bullish sentiment (based on the Dow Jones), while our local market sentiment also indicates a moderately bullish trend. It might open with a neutral to slightly gap-up start, as suggested by GiftNifty, showing an increase of +50.
Nifty continued its rally in the previous session and broke a Fibonacci level of 38%. Even if it breaks this 38% level, the structure has a diagonal formation indicating a distribution pattern. Therefore, if the gap-up doesn’t sustain and there is a sharp decline, the market may retrace a minimum of 38% to 61%. after that If it consolidates around the support level of 61%, the correction will continue if it breaks the previous low. On the other hand, if it finds support around the 61% Fibonacci level, we can expect a bounce back that may reach the day’s opening price level.
An alternate scenario suggests that if the gap-up sustains and breaks the 50% Fibonacci level, it may continue the pullback in a diagonal structure. However, if the opening market has a solid structure, we can expect a sharp rally.
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