"Good morning, friends! Here are the directions for February 8th: The global market sentiment remains moderately bullish, supported by the Dow Jones, while our local market sentiment shows a similarly bullish trend. It might open with a gap-up start, as indicated by Giftnifty showing a +50.
Today, we also have an important event, the RBI monetary policy around 10 am. As usual, the market might follow the event sentiment. However, my direction is:
Nifty has a range market structure. So, initially, the market might undergo some consolidation. After that, if the market breaks the previous resistance, then we can expect a sharp rally. We can anticipate a correction only if it breaks the swing low; otherwise, it may maintain a range market structure. However, if the initial market breaks the previous day low, then we can expect a minimum of 218212 to 217997.
Today, we also have an important event, the RBI monetary policy around 10 am. As usual, the market might follow the event sentiment. However, my direction is:
Nifty has a range market structure. So, initially, the market might undergo some consolidation. After that, if the market breaks the previous resistance, then we can expect a sharp rally. We can anticipate a correction only if it breaks the swing low; otherwise, it may maintain a range market structure. However, if the initial market breaks the previous day low, then we can expect a minimum of 218212 to 217997.