Good morning, friends! Here are the directions for April 8th:
The global market trend is moderately bearish, supported by the Dow Jones, while our local market sentiment indicates a still moderately bullish trend. It might open with a slightly neutral to a gap-up start, as suggested by Giftnifty, showing a +40 point.
Nifty has a consolidation structure, so if the market breaks the consolidation (all-time high), then the rally will continue further. We can expect a minimum of 22660 to 22694; it is a major resistance level. If the market reaches with minor pullbacks, then we can expect reversal there. On the other hand, if it reaches with a solid structure, then it may take minor consolidation for further rally continuation.
Alternatively, if the gap-up doesn't sustain or if it rejects sharply again at the all-time high, then the range market might continue.
The global market trend is moderately bearish, supported by the Dow Jones, while our local market sentiment indicates a still moderately bullish trend. It might open with a slightly neutral to a gap-up start, as suggested by Giftnifty, showing a +40 point.
Nifty has a consolidation structure, so if the market breaks the consolidation (all-time high), then the rally will continue further. We can expect a minimum of 22660 to 22694; it is a major resistance level. If the market reaches with minor pullbacks, then we can expect reversal there. On the other hand, if it reaches with a solid structure, then it may take minor consolidation for further rally continuation.
Alternatively, if the gap-up doesn't sustain or if it rejects sharply again at the all-time high, then the range market might continue.