The structure is similar to the Nifty sentiment. If the market declines initially, we can expect a minimum of 78% (OIS) if it breaks the level of 50,316. Notably, if it reaches this level with gradual movement (MDZ), we can expect a minimum bounce back of 23% to 38%. On the other hand, if it reaches this level with a solid structure or consolidates around here, then the correction is likely to continue. This is our first variation.
Alternate View:
The alternate variation suggests that if the market pulls back initially, we can expect a range-bound market between the previous session's range. This means if it breaks 50,648, it will reach 50,867. After that, if it gets rejected there, it will close where it opened.
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