"Good morning, friends! Here are the directions for May 3rd:
The global market is still maintaining the range, while our local market sentiment also indicates a moderately bearish trend. It might open with a gap-up start, as suggested by GiftNifty, showing an increase of +80.
Nifty has been moving in a diagonal pattern. So, if the gap-up sustains, we could expect 22842, which means a rally continuation with minor consolidation. After that, if it sharply rejects around 22842, the diagonal may complete there and start to correct. But we could look for some reversal confirmation, using EMA20 and the 38% fib level in the minor swing. Both sentiments need to align for a trend reversal, indicating a bearish trend.
However, if the market sustains there (22842), then it will continue the rally further.
The alternate variation suggests that if the gap-up doesn't sustain and declines sharply at the initial market, then we can expect a range market. The previous range may continue further.
The global market is still maintaining the range, while our local market sentiment also indicates a moderately bearish trend. It might open with a gap-up start, as suggested by GiftNifty, showing an increase of +80.
Nifty has been moving in a diagonal pattern. So, if the gap-up sustains, we could expect 22842, which means a rally continuation with minor consolidation. After that, if it sharply rejects around 22842, the diagonal may complete there and start to correct. But we could look for some reversal confirmation, using EMA20 and the 38% fib level in the minor swing. Both sentiments need to align for a trend reversal, indicating a bearish trend.
However, if the market sustains there (22842), then it will continue the rally further.
The alternate variation suggests that if the gap-up doesn't sustain and declines sharply at the initial market, then we can expect a range market. The previous range may continue further.