The global market trend is moderately bearish, supported by the Dow Jones, while our local market sentiment indicates a bullish trend. It might open with a slightly gap-down start, as suggested by Giftnifty, showing a -55 point.
Nifty has consolidated after the gap-up in the last session. It's indicating trend continuation, but Giftnifty shows a negative bias. If the market opens with a gap-down, then we can expect consolidation between the previous high and the downside fib level of 38%. However, if it breaks the 38% level, it may turn into a correction phase. Alternatively, if the gap-down doesn't sustain, then it may break the all-time high this time effectively.
Nifty has consolidated after the gap-up in the last session. It's indicating trend continuation, but Giftnifty shows a negative bias. If the market opens with a gap-down, then we can expect consolidation between the previous high and the downside fib level of 38%. However, if it breaks the 38% level, it may turn into a correction phase. Alternatively, if the gap-down doesn't sustain, then it may break the all-time high this time effectively.