"Good morning, friends! Here are the directions for February 7th: The global market sentiment is moderately bullish, supported by the Dow Jones, while our local market sentiment shows a moderately bullish trend. It might open with a gap-up start, as indicated by Giftnifty showing a +110.
Nifty has a pullback structure as expected from the last session. So, there are no changes in the direction. If the market breaks the immediate resistance (22041), it may continue the rally further.
Alternatively, if it rejects at either 22041 or 22081, then we can expect a correction ranging from 38% to 61%. This also indicates a bullish sentiment, suggesting an initial range-bound market before the continuation of the rally.
Nifty has a pullback structure as expected from the last session. So, there are no changes in the direction. If the market breaks the immediate resistance (22041), it may continue the rally further.
Alternatively, if it rejects at either 22041 or 22081, then we can expect a correction ranging from 38% to 61%. This also indicates a bullish sentiment, suggesting an initial range-bound market before the continuation of the rally.