Good morning, friends! Here are the directions for April 12th:
The global market trend is bearish, supported by the Dow Jones, while our local market sentiment indicates a bullish trend. It might open with a gap-down start, as suggested by GiftNifty, showing a -130 point decrease.
Previously, Nifty had a solid pullback after a minor correction. But today, GiftNifty is indicating a negative start. So, if the market opens with a gap-down, then we can expect a minor correction that may reach the level of 22591 to 22568 (demand zone). After that, if it finds support around the demand zone, then we can expect a range market that may experience a minimum of 38% to 61% pullback wave. On the other hand, if it doesn't sustain or undergoes minor consolidation around the demand zone, then the correction will likely continue.
Alternatively, if the market doesn't open that much down, then structurally it may turn into an ascending triangle structure (support level 22647, resistance level 22788).
The global market trend is bearish, supported by the Dow Jones, while our local market sentiment indicates a bullish trend. It might open with a gap-down start, as suggested by GiftNifty, showing a -130 point decrease.
Previously, Nifty had a solid pullback after a minor correction. But today, GiftNifty is indicating a negative start. So, if the market opens with a gap-down, then we can expect a minor correction that may reach the level of 22591 to 22568 (demand zone). After that, if it finds support around the demand zone, then we can expect a range market that may experience a minimum of 38% to 61% pullback wave. On the other hand, if it doesn't sustain or undergoes minor consolidation around the demand zone, then the correction will likely continue.
Alternatively, if the market doesn't open that much down, then structurally it may turn into an ascending triangle structure (support level 22647, resistance level 22788).