Good morning, friends! Here are the directions for March 27th: there is no significant difference between the last session. The global market trend is moderately bearish, supported by the Dow Jones, while our local market sentiment indicates a moderately bullish trend. It might open with a neutral to slightly gap-down start, as suggested by Giftnifty, showing a -40 point.
Nifty has consolidated despite opening with a long gap-down. Today also, Giftnifty indicates a gap-down start. So, if the gap-down sustains, we can expect a minimum of 61 to 78% Fibonacci correction. After that, if it finds support there, we can expect a minor 38% pullback wave. On the other hand, if it breaks or consolidates around the Fibonacci level of 78%, then the correction will likely continue.
Alternatively, if the gap-down doesn't sustain and if the initial market experiences a sharp pullback, it might enter a range market between the previous high.