#Nifty
Good morning! the market directions for February 16th.
It seems like there is an overall positive sentiment in the global market, with support from the Dow Jones. Locally, the market sentiment is also moderately bullish, with a potential gap-up start indicated by Giftnifty showing +60 points.
Regarding Nifty, it's mentioned that there has been a breakout structure following consolidation and that it might be in the 5th impulse wave, which is considered a distribution wave. There's an anticipation of a potential ABC correction if the market rejects around the immediate resistance or if there's a sharp decline in the initial market.
The minimum requirement for the ABC correction is specified to be within the Fibonacci levels of 23 to 38%.
Alternatively If the gap-up sustains or breaks the immediate resistance at 22,000, the expectation is for a further rally continuation. In this case, the market could reach a supply zone
Good morning! the market directions for February 16th.
It seems like there is an overall positive sentiment in the global market, with support from the Dow Jones. Locally, the market sentiment is also moderately bullish, with a potential gap-up start indicated by Giftnifty showing +60 points.
Regarding Nifty, it's mentioned that there has been a breakout structure following consolidation and that it might be in the 5th impulse wave, which is considered a distribution wave. There's an anticipation of a potential ABC correction if the market rejects around the immediate resistance or if there's a sharp decline in the initial market.
The minimum requirement for the ABC correction is specified to be within the Fibonacci levels of 23 to 38%.
Alternatively If the gap-up sustains or breaks the immediate resistance at 22,000, the expectation is for a further rally continuation. In this case, the market could reach a supply zone