#Nifty directions and levels for February 6th.

#Nifty
Good morning, friends! Here are the directions for February 6th: The global market sentiment is moderately bullish, supported by the Dow Jones, while our local market sentiment shows a moderately bearish trend. It might open with a neutral to a slightly gap-up start, as indicated by Giftnifty showing a +20.

Nifty has had a reddish sentiment in the past two trading sessions. Even though it is reddish structurally, we can expect a rally continuation when it breaks the fib level 38%. This is because the previous wave count shows a proper 5-3 structure. If the market sustains the gap-up and breaks the fib level 38%, then we can expect further pullback continuation with minor consolidation.

Alternatively, if the gap-up doesn't sustain or opens with a gap-down, then we can expect correction continuation. It might not be in ABC structure; it might go in a 5-wave structure.