#Nifty directions and levels for August 9th.
Good morning, friends! 🌞 Here are the directions and levels for August 9th.
Market Overview
Both global and local markets have been trading within a minor range. Today, the market may open with a gap-up, as indicated by a 250-point positive start in GIFT NIFTY.
Nifty and Bank Nifty share the same range-bound market sentiment. Let's take a closer look:
Nifty:
In the previous session, Nifty experienced some minor oscillation due to the monetary policy. However, it closed within Tuesday's range. Structurally, it remains a range-bound market.
> According to Elliott Wave theory, we expect three swings in this range-bound market. With two swings already completed, we are anticipating a third one.
> In today’s market, after the gap-up, if it encounters resistance around the immediate resistance level, it may lead to a correction. if it happens, The corrections are expected to range between 38% to 78% of the minor swing—this is our first scenario.
>In this case, if it consolidates or breaks solidly (at the 61% Fibonacci level on the upside), then the rally will likely continue.
Alternatively, if the gap-up doesn’t sustain or if it rejects around the previous high, the range-bound market will likely continue. Structurally, it could form a triangle pattern. However, trading in range-bound market movements can be somewhat challenging, and premiums may also be affected.
Market Overview
Both global and local markets have been trading within a minor range. Today, the market may open with a gap-up, as indicated by a 250-point positive start in GIFT NIFTY.
Nifty and Bank Nifty share the same range-bound market sentiment. Let's take a closer look:
Nifty:
In the previous session, Nifty experienced some minor oscillation due to the monetary policy. However, it closed within Tuesday's range. Structurally, it remains a range-bound market.
> According to Elliott Wave theory, we expect three swings in this range-bound market. With two swings already completed, we are anticipating a third one.
> In today’s market, after the gap-up, if it encounters resistance around the immediate resistance level, it may lead to a correction. if it happens, The corrections are expected to range between 38% to 78% of the minor swing—this is our first scenario.
>In this case, if it consolidates or breaks solidly (at the 61% Fibonacci level on the upside), then the rally will likely continue.
Alternatively, if the gap-up doesn’t sustain or if it rejects around the previous high, the range-bound market will likely continue. Structurally, it could form a triangle pattern. However, trading in range-bound market movements can be somewhat challenging, and premiums may also be affected.
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