Good morning, friends! Here are the directions for February 27th: The global market is moderately bullish, supported by the Dow Jones, while our local market sentiment indicates a moderately bullish trend. It might open with a neutral to slightly gap-up start, as suggested by Giftnifty, showing a +25 point.
Nifty has undergone consolidation in the last session. The structure is still bullish, so if the gap-up sustains, then today we can also expect a range market. If it breaks the previous high, then only it will go further; otherwise, it will close near where it opened.
Alternatively, if the gap-up doesn't sustain and breaks the previous day's low, then we can expect a correction that will reach a minimum of the Fibonacci level 78% (21966). After that, if it finds support there, then we can expect a minor pullback. However, if it also breaks that level, then the correction will likely continue
Nifty has undergone consolidation in the last session. The structure is still bullish, so if the gap-up sustains, then today we can also expect a range market. If it breaks the previous high, then only it will go further; otherwise, it will close near where it opened.
Alternatively, if the gap-up doesn't sustain and breaks the previous day's low, then we can expect a correction that will reach a minimum of the Fibonacci level 78% (21966). After that, if it finds support there, then we can expect a minor pullback. However, if it also breaks that level, then the correction will likely continue