Good morning, friends! 🌺🍬 Here are the directions for July 2nd:
The global market is still showing a slightly negative sentiment based on the Dow Jones. Our local markets are also showing moderately bullish sentiment. However, today, the market may open with a neutral to slightly gap-up start, as indicated by GiftNifty, which shows a increase of 50 points (as of 8:00 AM).
Nifty has performed slightly better than Banknifty, and their structures also differ slightly. Let's look at each one by one.
Nifty has reached near its all-time high, so it might face rejection there. However, if the market sustains the gap-up, it may go further.
Here’s our first scenario: that if the market opens with a gap-up and breaks the previous high, the minor supply zone will act as resistance. If the market consolidates or breaks it, we can expect the rally to continue.
Alternatively, if the market rejects at the supply zone or if the gap-up doesn't sustain, we can expect an initial 38% correction. after that If it breaks this level, the correction may continue further. On the other hand, if it doesn't break the 38% Fibonacci level, the market may maintain a bullish bias.
The global market is still showing a slightly negative sentiment based on the Dow Jones. Our local markets are also showing moderately bullish sentiment. However, today, the market may open with a neutral to slightly gap-up start, as indicated by GiftNifty, which shows a increase of 50 points (as of 8:00 AM).
Nifty has performed slightly better than Banknifty, and their structures also differ slightly. Let's look at each one by one.
Nifty has reached near its all-time high, so it might face rejection there. However, if the market sustains the gap-up, it may go further.
Here’s our first scenario: that if the market opens with a gap-up and breaks the previous high, the minor supply zone will act as resistance. If the market consolidates or breaks it, we can expect the rally to continue.
Alternatively, if the market rejects at the supply zone or if the gap-up doesn't sustain, we can expect an initial 38% correction. after that If it breaks this level, the correction may continue further. On the other hand, if it doesn't break the 38% Fibonacci level, the market may maintain a bullish bias.