#Nifty directions and levels for June20th.
Good morning, friends! 🌺🍬 Here are the directions for June 20th:
There are no significant changes in the global and our markets. They are maintaining a moderately bullish sentiment. Today, the market may open neutral to slightly gap-up, as indicated by GiftNifty, which shows an increase of 10 points (at 8:00 AM).
Nifty Analysis
Nifty and Bank Nifty structures are different, but the subwaves are the same, currently in sub-wave 4. Here’s the breakdown:
Previous Session:
Nifty had high volatility. We discussed a diagonal pattern in the 5th wave, and a sharp rejection suggested a possible correction. This correction happened in the previous session.
Current Structure:
Nifty is forming a flat correction variation, a time-adjustment correction pattern.
Today's Expectation:
The market may move in two ways. Even if it opens with a gap-up, a correction to 23,442 and 23,380 is possible. This is the final leg of the flat correction, so if support is found at these levels, a bounce back is expected.
Alternative Scenario:
If the market sustains the gap-up, it may consolidate between the previous high and the previous close, resulting in a range-bound market.
There are no significant changes in the global and our markets. They are maintaining a moderately bullish sentiment. Today, the market may open neutral to slightly gap-up, as indicated by GiftNifty, which shows an increase of 10 points (at 8:00 AM).
Nifty Analysis
Nifty and Bank Nifty structures are different, but the subwaves are the same, currently in sub-wave 4. Here’s the breakdown:
Previous Session:
Nifty had high volatility. We discussed a diagonal pattern in the 5th wave, and a sharp rejection suggested a possible correction. This correction happened in the previous session.
Current Structure:
Nifty is forming a flat correction variation, a time-adjustment correction pattern.
Today's Expectation:
The market may move in two ways. Even if it opens with a gap-up, a correction to 23,442 and 23,380 is possible. This is the final leg of the flat correction, so if support is found at these levels, a bounce back is expected.
Alternative Scenario:
If the market sustains the gap-up, it may consolidate between the previous high and the previous close, resulting in a range-bound market.
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