Good morning, friends! Here are the directions for April 1st: The global market trend is moderately bullish, supported by the Dow Jones, while our local market sentiment indicates a similarly bullish trend. It might open with a neutral to slightly gap-up start, as suggested by Giftnifty, showing a +40 point.
Nifty has recently rejected nearly all-time highs. I anticipate the market may undergo some consolidation given the gap-up start indicated by Gift Nifty. If the market breaks the previous high after this consolidation, the rally will likely continue. Alternatively, if the gap-up is not sustained, we can expect a minor correction initially. If it finds support around the 38% level, it may form a consolidation structure. On the other hand, if it breaks the 38% Fibonacci level, we can expect a correctional wave ranging from 50% to 78%.
Nifty has recently rejected nearly all-time highs. I anticipate the market may undergo some consolidation given the gap-up start indicated by Gift Nifty. If the market breaks the previous high after this consolidation, the rally will likely continue. Alternatively, if the gap-up is not sustained, we can expect a minor correction initially. If it finds support around the 38% level, it may form a consolidation structure. On the other hand, if it breaks the 38% Fibonacci level, we can expect a correctional wave ranging from 50% to 78%.