Good morning, friends! 🌺🍬 Here are the directions for May 17th:
There have been no changes in the global and local markets. The global market is indicating a bullish sentiment based on the Dow Jones, while our local market sentiment suggests a moderately bullish trend. It might open with a neutral to slightly gap-up start, as suggested by GiftNifty, showing an increase of +20 points.
Nifty has moved through four larger swings, which structurally indicates a range market. However, it closed above the range. giftnifty indicating gap-up start, so If the market sustains the gap-up sentiment, we can expect a rally continuation with minor consolidation. This is our first scenario. This means that if the market opens above the supply zone or breaks it with a solid green candle, then the rally is likely to continue.
Alternatively, if the market faces rejection around the immediate resistance zone, it may retrace by a minimum of 23 to 38%. This is a trend continuation retracement level. If the market finds support after the retracement around 23 or 38%, we can expect the range market to continue its rally.
On the other hand, if the correction breaks the retracement level of 38%, then the market will enter a correction phase, and we can expect the next target to be a minimum of 61 to 78%. This looks similar to the previous day's sentiment.
There have been no changes in the global and local markets. The global market is indicating a bullish sentiment based on the Dow Jones, while our local market sentiment suggests a moderately bullish trend. It might open with a neutral to slightly gap-up start, as suggested by GiftNifty, showing an increase of +20 points.
Nifty has moved through four larger swings, which structurally indicates a range market. However, it closed above the range. giftnifty indicating gap-up start, so If the market sustains the gap-up sentiment, we can expect a rally continuation with minor consolidation. This is our first scenario. This means that if the market opens above the supply zone or breaks it with a solid green candle, then the rally is likely to continue.
Alternatively, if the market faces rejection around the immediate resistance zone, it may retrace by a minimum of 23 to 38%. This is a trend continuation retracement level. If the market finds support after the retracement around 23 or 38%, we can expect the range market to continue its rally.
On the other hand, if the correction breaks the retracement level of 38%, then the market will enter a correction phase, and we can expect the next target to be a minimum of 61 to 78%. This looks similar to the previous day's sentiment.