#Nifty directions and levels for September 5th.
Good morning, friends! 🌞 Here are the directions and levels for September 5th.
Market Overview
The global markets are maintaining bearish pressure, as indicated by the Dow Jones. Our local market has been showing a moderately bullish sentiment. However, based on a 90-point positive signal from GiftNifty, we may see the market open with a gap-up today.
Both Nifty and BankNifty have been range-bound. What about today? It’s likely that the range will continue, but let’s take a look at the charts.
Nifty
Current View
If the market opens with a gap-up, the 78% level will act as crucial resistance. If it consolidates or breaks this level, we can expect the next targets to be a minimum of 25,333 to 25,366. This is our first scenario.
Alternate Scenario
On the other hand, if the market rejects the 78% level or takes a sharp decline initially, the range-bound market is likely to continue. The expected targets would be a minimum of 38% to 61% of the minor swing.
Market Overview
The global markets are maintaining bearish pressure, as indicated by the Dow Jones. Our local market has been showing a moderately bullish sentiment. However, based on a 90-point positive signal from GiftNifty, we may see the market open with a gap-up today.
Both Nifty and BankNifty have been range-bound. What about today? It’s likely that the range will continue, but let’s take a look at the charts.
Nifty
Current View
If the market opens with a gap-up, the 78% level will act as crucial resistance. If it consolidates or breaks this level, we can expect the next targets to be a minimum of 25,333 to 25,366. This is our first scenario.
Alternate Scenario
On the other hand, if the market rejects the 78% level or takes a sharp decline initially, the range-bound market is likely to continue. The expected targets would be a minimum of 38% to 61% of the minor swing.
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