"Good morning, friends🤝🍬! Here are the directions for May 8th:
There have been no changes in the global market; it's maintaining a moderate bullish sentiment, while our local market sentiment indicates a bearish trend. It might open with a neutral to slightly gap-up start, as suggested by GiftNifty, showing an increase of +20.
Nifty fell solidly in the previous session; however, the RSI shows divergence, indicating that even if the market declines initially today, it won't be sustained. If it rejects around the immediate support level, then we can expect a sharp pullback. This is the reason behind the first variation.
However, if it doesn't find support at the immediate support level or if it consolidates, then the correction will likely continue, and we can try a range breakout entry.
The alternate variation suggests that if the market takes a pullback initially, then the Fibonacci level 38% (upside) may act as a strong resistance. If it rejects there, then we can expect a range market. After that, if it breaks the range either upside or downside, we can follow the direction.
Here, we also have another variation: if the pullback solidly breaks the Fibonacci level 38% (upside), then it may reach the Fibonacci level 61% with minor consolidation. I explained this in the video; if you have free time, please check it.
There have been no changes in the global market; it's maintaining a moderate bullish sentiment, while our local market sentiment indicates a bearish trend. It might open with a neutral to slightly gap-up start, as suggested by GiftNifty, showing an increase of +20.
Nifty fell solidly in the previous session; however, the RSI shows divergence, indicating that even if the market declines initially today, it won't be sustained. If it rejects around the immediate support level, then we can expect a sharp pullback. This is the reason behind the first variation.
However, if it doesn't find support at the immediate support level or if it consolidates, then the correction will likely continue, and we can try a range breakout entry.
The alternate variation suggests that if the market takes a pullback initially, then the Fibonacci level 38% (upside) may act as a strong resistance. If it rejects there, then we can expect a range market. After that, if it breaks the range either upside or downside, we can follow the direction.
Here, we also have another variation: if the pullback solidly breaks the Fibonacci level 38% (upside), then it may reach the Fibonacci level 61% with minor consolidation. I explained this in the video; if you have free time, please check it.