Good morning, friends! Here are the directions for February 9th: The global market sentiment remains moderately bullish, supported by the Dow Jones, while our local market sentiment shows a bearish trend. It might open with a neutral to slightly gap-down start, as indicated by Giftnifty showing a -25.
Nifty had a sharp correction in the last session. So, if the market breaks or consolidates around the Fibonacci level of 50%, then we can expect the correction to continue. However, my personal opinion is that if the market opens with a gap-down, it may form a diagonal pattern. It's a distribution wave, so it might move with less volume. Once the market finds support around 50%, then we can expect a minimum of a 23% to 38% pullback wave.
Alternatively, if the initial market takes a sharp pullback, then it might consolidate between yesterday's low and the Fibonacci level of 38%. We can expect further pullback only if it breaks the 38% level.
Nifty had a sharp correction in the last session. So, if the market breaks or consolidates around the Fibonacci level of 50%, then we can expect the correction to continue. However, my personal opinion is that if the market opens with a gap-down, it may form a diagonal pattern. It's a distribution wave, so it might move with less volume. Once the market finds support around 50%, then we can expect a minimum of a 23% to 38% pullback wave.
Alternatively, if the initial market takes a sharp pullback, then it might consolidate between yesterday's low and the Fibonacci level of 38%. We can expect further pullback only if it breaks the 38% level.