#Nifty directions and levels for July 24th.Good morning, friends! 🌺🍬 Here are the market directions for July 24th:
The global market has a bearish sentiment (based on the Dow Jones). Our local market, however, maintains a structurally moderately bullish sentiment. Today, the market may open with a neutral to slightly gap-down start, as indicated by the Gift Nifty, which shows -60 points at 8 am.
Structurally, both Nifty and Bank Nifty are range-bound, so they might continue in this manner today.
In the previous session, both Nifty and Bank Nifty experienced significant movements due to the budget announcement but closed with a solid pullback at the end of the day. Structurally, this indicates potential for further continuation.
It's important to note that The budget announcement of the previous session may affect the market today, so we should trade cautiously. However, I have analyzed my sentiments for Nifty and Bank Nifty, so let's examine them one by one.
Today's sentiments:
Nifty:
If the gap-down sustains and breaks the 38% Fibonacci level, it may again enter the range market. This is difficult to trade, but my expectation is if it breaks the 38% Fibonacci level, it may reach the 78% with some consolidation. This is our first variation. In this variation, after that correction if it also breaks 78%, the correction may continue further.
Alternatively, if the decline finds support around the 38% Fibonacci level, it’s a sign of a bullish bias. We can expect a pullback continuation if it breaks the minor swing high. Until then, it may consolidate between the minor swing high and the 38% Fibonacci level.
Note:
If the market opens with a gap-up and breaks the minor swing high, the rally will continue. The upside levels remain the same.
