#Nifty directions and levels for August 13th.
Good morning, friends! 🌞 Here are the directions and levels for August 13th.
Market Overview
Both global and local markets have been trading within a minor range. Today, the market may open with a neutral to slightly gap-down start because the SGX Nifty is indicating a negative 20-point move.
Nifty Analysis
Nifty showing a diagonal pattern. In the previous session, nifty had significant swings, but it closed near neutral by the end of the day. If we simplify it, we can say it's a range market. However, structurally, it’s a diagonal pattern, and there’s no real difference between the two because both are time adjustment patterns.
So, we should wait for a breakout from this range, whether to the upside or downside. If it breaks out, we can expect only a minor trend initially because the structure suggests there isn’t a big move ahead. But if we see a solid breakout candle, then we can expect stronger momentum. This forms our basic structure. However, if the range isn’t broken, the market will likely continue moving within it.
Market Overview
Both global and local markets have been trading within a minor range. Today, the market may open with a neutral to slightly gap-down start because the SGX Nifty is indicating a negative 20-point move.
Nifty Analysis
Nifty showing a diagonal pattern. In the previous session, nifty had significant swings, but it closed near neutral by the end of the day. If we simplify it, we can say it's a range market. However, structurally, it’s a diagonal pattern, and there’s no real difference between the two because both are time adjustment patterns.
So, we should wait for a breakout from this range, whether to the upside or downside. If it breaks out, we can expect only a minor trend initially because the structure suggests there isn’t a big move ahead. But if we see a solid breakout candle, then we can expect stronger momentum. This forms our basic structure. However, if the range isn’t broken, the market will likely continue moving within it.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.