#Nifty directions and levels for August 1st:Good morning, friends! 🌞
Here are the market directions and levels for August 1st:
The global market (based on the Dow Jones) has shown a moderately bearish sentiment,
while the local market continues to display a bearish tone.
Today, Gift Nifty indicates a neutral opening.
What can we expect today?
In the previous session, both Nifty and Bank Nifty experienced high volatility.
However, the closing happened around the middle of the current swing, indicating a possible range-bound market. Until this range is broken, we cannot expect a strong directional move.
If the range breaks, we can follow the breakout direction.
In my side, the structures of Nifty and Bank Nifty appear slightly different. Nifty continues to show bearish sentiment, whereas Bank Nifty is showing signs of a mild bounce back. So, they may counterbalance each other, and if that happens, we may see a neutral closing by the end of the day.
On the other hand, if the market breaks immediate support or resistance with a solid candle or after consolidation, we can expect a directional move in that breakout direction.
