Gift Nifty is showing a neutral to slightly positive start. The structure remains that of a range-bound market.
In the previous session, Nifty and Bank Nifty moved in different directions during the mid-market, but by the end of the day both declined sharply.
What next?
Given the sharp decline, if the market opens weak and either consolidates or breaks the immediate support level, we can expect the correction to continue.
On the other hand, if the market takes a strong rejection around the immediate support level, or if the initial market sustains the positive opening, it may reach 38% Fibonacci level in the upside.
If it breaks above that level, the market could move toward the 50% to 78% Fibonacci zones on the upside.
Note> If it cannot move above the 38% level, the market is likely to remain bearish.
In the previous session, Nifty and Bank Nifty moved in different directions during the mid-market, but by the end of the day both declined sharply.
What next?
Given the sharp decline, if the market opens weak and either consolidates or breaks the immediate support level, we can expect the correction to continue.
On the other hand, if the market takes a strong rejection around the immediate support level, or if the initial market sustains the positive opening, it may reach 38% Fibonacci level in the upside.
If it breaks above that level, the market could move toward the 50% to 78% Fibonacci zones on the upside.
Note> If it cannot move above the 38% level, the market is likely to remain bearish.
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