Good morning, friends! Here are the directions for February 15th: The global market sentiment is moderately bearish, supported by the Dow Jones, while our local market sentiment shows a moderately bullish trend. It might open with a gap-up start, as indicated by Giftnifty showing +80 points.
Nifty had a fantastic rally in the last session, so structurally it will continue further. Even though it may face rejection around the immediate resistance, if it does, we can expect a maximum 23 to 38% Fibonacci correction. After that correction, if it finds support around 38%, then we can expect a range market to pullback continuation. This sentiment is also applicable for initial market rejection.
Alternatively, we can expect a correction only if it breaks the Fibonacci level 50%, because if it corrects, it might be in the 4th wave, which is a consolidation wave with a maximum correction level of 50%. Therefore, we mention that the correction will occur only if it breaks the Fibonacci level 50%.
Nifty had a fantastic rally in the last session, so structurally it will continue further. Even though it may face rejection around the immediate resistance, if it does, we can expect a maximum 23 to 38% Fibonacci correction. After that correction, if it finds support around 38%, then we can expect a range market to pullback continuation. This sentiment is also applicable for initial market rejection.
Alternatively, we can expect a correction only if it breaks the Fibonacci level 50%, because if it corrects, it might be in the 4th wave, which is a consolidation wave with a maximum correction level of 50%. Therefore, we mention that the correction will occur only if it breaks the Fibonacci level 50%.