#Nifty directions and levels for July 19th.Good morning, friends! 🌺🍬 Here are the directions for July 19th:
In the last session, the Dow Jones fell drastically, indicating a negative bias. Our local market has a mixed bullish sentiment. Today, the market may open with a neutral to slightly gap-up start, as indicated by the Gift Nifty, which shows a +10 points.
Nifty and Bank Nifty are showing different structures. Nifty has a solid bullish structure, while Bank Nifty is in consolidation. Let's look at this one by one.
Nifty:
In the previous session, Nifty had a huge movement at the end of the day, making a new high with a solid handle. What’s next? I will explain step by step to help you easily understand.
Point 1: If you roughly look at the chart, it shows a solid bullish structure. You can expect the rally to continue if it breaks the previous high. This is the basic structure.
Point 2: But even if made a new high with solid candle The RSI did not break the previous high in 4H, 1H, or even 15min. At the same time, the Dow Jones also fell drastically.
Point 3: And if u look at the Bank Nifty it did not participate in this rally. but it has a consolidation. If it breaks the consolidation, it may help continue the rally. The probability is uncertain.
Considering these three points, it’s complicated to conclude the direction. Here’s my opinion: if the market breaks the previous high and Bank Nifty supports it, we can enter a long position, which may yield better results. Alternatively, if there is a solid breakout candle, you can enter, but the decision is yours. This is our bullish variation.
Bearish view:
Alternatively, if the market declines initially, we could wait for the 38% Fibonacci level breakout. If it breaks, we can expect a correction of a minimum of 50% to 78%. On the other hand, if it doesn’t break 38%, then it will maintain the bullish bias.
